According to data from the Association of Short Term Lenders (ASTL), the value of completions came to £1.4bn in the three months to September. This was a 15.9 per cent increase on the previous quarter and was the sixth month in a row that the value of completions exceeded £1bn. 

Compared to the same quarter last year, this was a 36.2 per cent rise. 

The value of applications rose to £7.9bn, a 5.4 per cent uptick on Q2. Loan books also grew, with a 1.5 per cent increase to £6.1bn which was also a record high. 

Looking at the same period last year, this represented increases of 21.5 per cent and 2.7 per cent respectively. 

The number of loans in default declined by three per cent. 

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ASTL: ‘A strong set of results’

Vic Jannels, CEO of the ASTL, said the latest data showed “another very strong set of results”. 

He added: “In fact, even amidst economic uncertainty, the value of loan books reached a record level of just over £6.1bn and this is the second consecutive quarter where total books have been more than £6bn. At the same time, the average LTV remains less than 60 per cent, which indicates that lending continues to be robust and responsible. The market is demonstrating its resilience and ability to serve a wide variety of customers with flexible short-term lending solutions. 

“However, there are clearly economic challenges ahead and so it’s important that lenders continue to take a cautious approach to underwriting.” 

Jannels said the association was helping the market to achieve sustainable growth. 

He added: “Not only do our members commit to behaving in line with our strict Code of Conduct, but we are also working together with our colleagues at the Financial Intermediary and Broker Association (FIBA) and the London Institute of Banking and Finance (LIBF) to deliver the Certified Practitioner in Specialist Property Finance (CPSP) optional e-learning programme, which will cover different areas of specialist finance, including bridging and commercial loans, buy-to-let mortgages and development finance.”