ASTL reveals 23pc increase in bridging loan apps
The figures show steady growth for this important sector of the property finance industry.
Applications were received for £1.313 billion, up over 23% from the previous quarter, while astl members advanced £283million worth of loans, a rise of 6.8%. The loan books at the end of the period totalled £1.054 billion, an increase of over 8%.
Benson Hersch, chief executive of the astl said: “The figures released today are significant. They reflect the increased demand I expected and; despite some increased bank lending and the effect of the Funding for Lending Scheme, there is still a need for bridging finance.
“The current quarter has seen steady demand and I expect the next quarter’s figures, which will be published before the end of May, to continue to show a steady increase.”
ASTL short term lending figures represent the lending of all of its members; they are produced and published quarterly.