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Bridging loans hit £1bn mark

The Association of Short Term Lender’s figures for 2012 show members originated £1.054bn in bridging loans in 2012, an 8 per cent increase on 2011.

Demand for bridging loans soared in the fourth quarter of 2012 with £1.3bn in applications received, up 23 per cent on the third quarter.

In total ASTL members actually advanced £283m-worth of loans over the quarter, which was up 6.8 per cent on the third quarter.

The ASTL’s chief executive Benson Hersch says: “These figures are significant and reflect the increased demand I expected. Despite some increased bank lending and the effect of the Funding for Lending Scheme, there is still a need for bridging finance.”

ASTL short term lending figures represent the lending of all of its members and are produced and published quarterly.

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