According to data from the Association of Short Term Lenders (ASTL) £3.2bn of bridging lending was completed in the year to September – up 16.1% on the same period to September 2016.
The value of applications was up substantially (63.9%) over the previous twelve-month period.
The three months to the end of September also saw an increase in the value of loans written (up 38.9%) and the value of applications (up 45.5%) compared to the third quarter in 2016.
However, the value of loans written in Q3 dipped by 2.7% compared to Q2, as did the value of applications (down 0.7%).
Overall, the ASTL said the size of members’ loan books was healthy, with a rise of 8.3% compared to Q2 2017.
Compared to the end of Q2 2016, the value of loan books has risen by 27.7%, to £3.5 billion.
“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,” said ASTL CEO Benson Hersch (pictured).
“The figures also demonstrate that bridging loans remain an excellent alternative where traditional financing is not immediately available for customers. 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,” he added.
These figures are taken from the responses from ASTL members, which include most of the key lenders in the bridging market.