The Association of Short Term Lenders (ASTL) revealed that year-on-year annual applications reached nearly £23bn.

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Other highlights from the data included:

• year-on-year annual completions remained at over £4bn
• the value of completions in Q3 was nearly £940m, a 2% fall compared with the same period last year, but year-on-year completions were up 1% 
• bridging loan books totalled £4.3bn at the end of Q3, representing a reduction of 6% compared with Q2, but an increase of more than 5% on the same period last year
   

Benson Hersch, CEO at the ASTL (pictured above), described the data as “another strong set of results for the bridging sector”.

“…There is no doubt that the sector is in rude health and estimates of total loans written for the year in excess of £6bn seem to be on the money.

“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.”