The value of the overall loan book also increased by 50.4% this quarter compared to the same quarter last year, while the value of applications increased by 52% compared to the same quarter last year.
Compared to quarter one of this year the figures are less dramatic but still significant. The value of loans written increased by 14.6% from Q1 to Q2, but surprisingly there was a decrease of 15.4% in applications for bridging loans over the same period.
Benson Hersch, chief executive of the ASTL, said: “The dramatic rise in applications for bridging loans seen last quarter has not been repeated.
“Clearly, previous figures were skewed by one-off factors. This should not obscure the fact that the overall trend is strongly upwards, with our members writing £1.8bn worth of loans in the past year.
“Bridging is now established as a reliable and useful form of short-term finance, and our members provide a responsible and reliable service.
“The opportunities and challenges of bridging finance make this sector an exciting one, and interested parties are urged to attend our conference on 16 September.”
The ASTL figures are based on the performance of the associations’ members which include most of the key lenders in the bridging market.