ASTL members up lending by 39% year-on-year
Association of Short Term Lenders firms increased the value of bridging lending by 38.9% in the third quarter of 2017 compared to the same quarter in 2016.
However lending saw a small fall of 2.7% from the second quarter of this year.
Benson Hersch (pictured), chief executive of the ASTL, said: “The figures from our members show that the bridging finance industry is in excellent shape.
“It shows that the industry has remained resilient despite the threat of Brexit and low growth in the economy.
“The figures also demonstrate that bridging loans remain an excellent alternative where traditional financing is not immediately available for customers.
“The bridging sector therefore continues to provide a vital role in the economy by offering customers access to the capital they need in a responsible and sustainable way.”
The value of their loan books stand at £3.5bn after rising by 27.7% from the end of Q3 2016 to Q3 201