ASTL: Bridging lending and applications hit record levels
Bridging loan books grew to a record £4.62bn whilst applications were at a 12 month high at the end of Q2, figures from the Association of Short Term Lenders show.
The loan book growth represents an 11.7% uptick when compared to Q1 2019 and is up 14.4% on the same quarter last year.
In the 12 months to the end of Q2 2019 applications stood at £22.13bn – a growth of 9.7% on the corresponding period a year earlier.
However when Q2 is looked at as a standalone quarter applications were down 4% on the same period of 2018 standing at £5.69bn.
Benson Hersch (pictured), CEO of the ASTL, said: “The second quarter of this year has delivered some very strong results for bridging lending, with record values both for applications over a 12-month period and total outstanding loan books.
“In fact, nearly all measures were higher than last quarter and the same period in 2018.
“The wider political and economic environment remains uncertain and the challenge for the industry now is to continue this level of activity whilst maintaining high standards of underwriting and customer focus.”