ASTL: Bridging applications up 97pc
In the whole of 2014 the value of bridging loans increased by 62.5% from the year before, with ASTL members’ writing £2.27bn worth of loans.
Benson Hersch, chief executive of the ASTL, said: “Members of the ASTL and the bridging industry as a whole did well in 2014 and the outlook for 2015 is positive, although political uncertainty may cause a bumpier ride.
“Bridging has established itself as an increasingly valuable source of finance, so intermediaries seem more aware of its benefits and appear to be happier to recommend bridging loans than in the past.
“Our members are at the forefront of responsible bridging lending and provide a responsible and reliable service for both SMEs and homeowners.”
The value of lenders’ loan books increased by 54% annually to December and 6% from September 2014.
Bridging application values have steadily increased in 2014 – by 12% from quarter two to quarter three and 20% from quarter three to quarter four.