ASTL members advanced £390m between July and September, compared to £282m in the three months to June. The value of loans is 40.4% higher year-on-year.
Applications for bridging loans also increased by 30% quarter-on-quarter, to more than 3,400. The value of applications climbed to £1.67bn from £1.28bn.
ASTL chief executive Benson Hersch said the figures reflected the ongoing need for bridging finance: “Short term loans continue to be useful financial tools as mainstream lenders still lag behind demand despite increased mortgage lending figures.”
The pace of growth is likely to slow over the next year, but volumes will remain high, he predicted.
The value of applications also rose by 31% quarter-on-quarter. In total, there were applications for £1.67bn of loans, up from £1.28bn in the previous quarter.
