Signed bridging applications were up 65% between Q3 2019 and Q3 2020.
The total value of the 1,000 loans is estimated at £1bn and close to half of the loans (493) have already been redeemed.
The bridge covers an existing lender repayment, finish and exit, and all-in purchase of a high-end apartment.
Although lending figures were 36% below the pre-COVID levels of £180.94m, they had risen significantly from the £79.4m transacted in the previous quarter.
The property was an off-plan, new-build flat in Fulham Reach Development, and will serve as the applicant’s inaugural buy-to-let investment.
The number of completions recorded between July and September 2020 was up 125% on the same period last year.
The loan was offered at 60% LTV on a term of six months.
The standard rate for residential investment property bridging has been reduced to 0.65% per month with no exit fee and a maximum LTV of 70%.
Changes include an increase from 65% LTV to 70% LTV on second charge bridging and an increase of 65% LTV for borrowers with adverse credit.
This is situated on King Street, Central Manchester, which was formerly the centre of the banking industry in the North West.