Latest figures show that the loan books of bridging and short term lenders have pushed past the £1 billion mark, increasing by over 8 per cent over the last quarter to total £1.054 billion.
The statistics from the Association of Short Term Lenders (astl), the lender trade body, have also evidenced that applications were received for £1.313 billion, up over 23 per cent from the previous quarter.
Significantly, astl members advanced £283 million worth of loans, a rise of 6.8 per cent.
The figures detail market activity for the quarter ended 31st December 2012, and have revealed that there has been steady but important growth for this sector of the property finance industry.
Commenting on the figures, Benson Hersch, Chief Executive of the astl, said: “The figures released today are significant. They reflect the increased demand I expected and; despite some increased bank lending and the effect of the Funding for Lending Scheme, there is still a need for bridging finance.
“The current quarter has seen steady demand and I expect the next quarter’s figures, which will be published before the end of May, to continue to show a steady increase.”
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