Bridging loan business continues to boom, with completions for the first three months of this year setting a new record.
Figures from the Association of Short Term Lenders show that the value of loans written in the first quarter of this year was 1.5 per cent more than the previous quarter.
The last quarter of 2017 was the first time that completions had exceeded £1bn.
Annual completions are now close to £3.8bn – a rise of 29.9 per cent. Compared to the same quarter last year the value of bridging loans written has increased by 32.5 per cent.
The ASTL says its members’ loan books are continuing to climb, with a rise of 13.1 per cent compared to the last quarter of 2017. Compared to the first quarter of 2017 these loans books are up by 35.6 per cent, to £4.2bn.
There has also been an increase in bridging loan applications, reversing a recent decline. These were up by 28.9 per cent, compared to a 11 per cent decrease in the last quarter of 2017.
On an annualised basis applications are up by 23.3 per cent, making a total of £19.7bn.
ASTL chief executive Benson Hersch says: “These figures highlight the fact that the bridging finance industry is in good shape.
“The bridging sectors is now a well-established part of the property finance market and should continue to grow.”