The trade body also revealed that £1.113bn worth of applications were made during the quarter and that the industry’s total loan book now stands at £1.102 bn.
Benson Hersch, chief executive of the ASTL, said: “The figures reflect the steady increase I expected revealing the ongoing need for bridging finance.
“This has not decreased, despite pressure by government and promises by mainstream banks to lend more, as a result, short term loans are filling the gaps in many instances.
“After a significant rise at the end of last year the current quarter has seen steady demand and I expect the next quarter’s figures to continue to show a slow but steady improvement.”
ASTL short term lending figures, representing the lending of all of its members, are produced and published quarterly.