Annual bridging completions reach £3.98bn

Annual bridging completions have risen to £3.98bn, according to the latest figures from the Association of Short Term Lenders (ASTL).

For the year ended 30th September 2018, annual bridging completions were up 21.2%, compared with the same period last year.

In Q2 2018, the ASTL revealed that annual completions for the year ended 30th June 2018 had reached £3.87bn.

Meanwhile, in Q1 2018, annual completions for the year ended 31st March 2018 stood at £3.8bn.

Figures taken from the responses from ASTL members found that annual completions continued to rise despite the value of loans written during Q3 2018 decreasing by 0.6%, compared with Q2 2018.

However, the value of loans written in Q3 2018 increased by 12.6%, compared with Q3 2017. 

The ASTL added that there was a decrease of 3.3% in bridging applications in Q3, compared with Q2, but on an annualised basis, applications were up by 8.9% on the year ended September 2017.

Benson Hersch, CEO at the ASTL (pictured above), claimed figures for Q3 2018 showed 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.”

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