Bridging lending nears £4bn in last 12 months

The figure is up 21% over the 12 months ending in September 2017.

However, the sector saw a slight contraction in the third quarter of 2018 compared to the previous three months with the value of loans written and applications down 0.6% and 3.3% respectively.

In comparison to the same quarter last year, the value of loans written in the quarter increased by 12.6%

On an annualised basis, applications were up by 8.9% compared to the year ended September 2017, totalling £20.5bn.

The ASTL noted that although applications tended to be unreliable indicators and were dependent on how many lenders were offered the same deals, it illustrated how large the sector has become.

Loan books up

Total loan book values continued to climb with a rise of 2.1% compared to Q2 and an increase of 16.6% from the same point last year.

ASTL CEO Benson Hersch said: “Figures for Q3 2018 show an ongoing year-on-year upward trend.

“Our members continue to provide flexible and useful services to customers who require finance for a whole range of purposes.

“Despite current political and economic uncertainties, lenders are very much doing business as usual.”