In addition, the value of loan books rose by 6.8% on the previous quarter and 11.1% on the same quarter last year, surpassing the £5bn mark for the first time — despite the 6.1% drop in the value of completions compared to Q2 2021.
Average LTVs continued to hold at 59.8% in Q2 and the value of loans in default fell for the third consecutive quarter, showing a decrease of 4.1% over Q1 and a fall of 3.6% on the same quarter last year.
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Vic Jannels, CEO at the ASTL (pictured above), said: “The Q3 2021 lending figures continue to paint a picture of a market that is enjoying strong growth, while maintaining a robust approach to risk.
“From experience, we know that more brokers are engaging with the bridging market and analysis of our data shows growth across different elements of short-term lending, including development finance and second-charge bridging.
“It’s clear that bridging is becoming more established as an invaluable piece of a broker’s toolbox for a range of purposes.
“We would always recommend that ASTL lenders continue to represent a benchmark of quality and customer focus, for those brokers.”
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