This means short term lenders are providing more than £2.7bn of finance, up from just over £2bn in April 2014, which is a huge increase compared to mainstream mortgage lending which shrunk by 4% over the same period, according to the Council of Mortgage Lenders.
A prolific start to 2015 by bridging lenders has been responsible, with £1bn lent in the first four months of the year alone.
Duncan Kreeger, Director of West One Loans, said while the mortgage market never looked like recreating its 2014 strong start due to the general election, no such worries plagued the bridging sector.
“In fact, just as all the election hype was reaching fever pitch in March and April, bridging lenders were beavering away recording one of their busiest and most profitable periods ever, with more than half a billion of short term finance lent,” said Duncan.
“The market has continued in a similar vein since then, with records being broken left, right and centre and the latest annual gross lending figure confirming that the £3bn milestone is now firmly in the crosshairs.
“There is a real buoyancy and can-do attitude about the sector at the minute, with lenders and brokers keen to get deals done and competitive rates helping add to the attractiveness of short-term finance.
“As we head into summer and the weather warms up, there is certainly no sign of the bridging market losing heat.”
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