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Bridging completions boom in Q4: ASTL

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Bridging loan completion figures by members of the Association of Short Term Lenders topped £1bn in Q4 for the first time ever in a quarter.

The trade body says the value of loans written in Q4 2017 were up 19.6 per cent on the previous quarter.

Annual completions rose 24.6 per cent to exceed £3.5bn by the end of 2017.

The ASTL says its members’ loan book size also grew in Q4, rising 4.6 per cent quarter-on-quarter and 12.9 per cent year-on-year to £3.7bn.

However, the trade body says the flow of applications fell in Q4 2017 by 11 per cent compared to Q3.

But the level of applications for the year ending 2017 were still up 42.6 per cent compared to 2016.

An ASTL statement says applications “do tend to be unreliable indicators and are dependent on how many lenders are offered the same deals”.

ASTL chief executive Benson Hersch says: “Our figures highlight that, despite ongoing concerns relating to Brexit and the property sector, the bridging finance industry remains in good shape and is ready and willing to meet the challenges that 2018 may bring.”  

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