Value of short-term lending up 16% in Q3

The value of loans written by members of the Association of Short Term Lenders increased by 16.1 per cent in the third quarter, compared to the same period last year.

While the value of loans written for Q3 2017, ending 30 September, showed a slight drop compared with Q2, the value of loans written in the quarter increased by 38.9 per cent from the same quarter last year to £3.2bn.

Total loan books also increased, up 8.3 per cent compared to Q2 2017 and totalling £3.5bn.

ASTL chief executive Benson Hersch says: “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 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.”

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