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‘No time for complacency’ as bridging completions drop two per cent – ASTL

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  • 21/11/2019
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‘No time for complacency’ as bridging completions drop two per cent – ASTL
Around £6.1bn worth of bridging loan applications were made in the third quarter of the year, figures from the Association of Short Term Lenders (ASTL) revealed.

 

That was an increase of 16.6 per cent on the same period last year, and represented a record high, according to the trade body.

However, the value of completions over the quarter dropped to £940m, down by two per cent on the same period last year.

The value of bridging loan books meanwhile grew five per cent in comparison to the third quarter last year to a total of £4.3bn.

Benson Hersch (pictured), the outgoing chief executive of ASTL, said the rising applications could be down to brokers approaching more lenders, or to new lenders “getting their part of the pie”, adding that whatever the reason there was no doubt the sector was in “rude health”.

He added: “This is my final set of quarterly figures as CEO of the ASTL, and it gives me a great sense of pleasure and achievement to leave the industry in such a strong position.

“It is not, however, the time for complacency. The wider political and economic environment remains uncertain and the challenge for the industry now is to continue this level of activity while maintaining high standards of underwriting and customer focus.”

 

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