Bridging lending hits £3bn

The figure is up from £2.8bn the previous year.

The second quarter of 2017 saw £875m of loans written while applications received totaled £4.9bn. Total loan books increased by 5.8% on the first quarter.

The value of loans written increased by 12.1% on Q1 2017 and 17.8% on Q1 2016.

Bridging finance applications were also up 39.6% on the same quarter a year ago, while the figures for the year ending June 2017 are up 56.6% compared to year ended June 2016.

Benson Hersch (pictured), chief executive officer of the ASTL said: “The increase in positivity shown by members in a recent sentiment survey seems to be reflected in the latest figures. It remains to be seen how the ebb and flow of Brexit negotiations will affect the sector, but the market remains good for the time being. Barring unexpected jolts to the economy, I expect a period of consolidation ahead, especially with the increasing likelihood of interest rate rises.”