According to the group, bridging loan applications are up 10% as more people revert to this type of finance to complete on prime commercial deals.

Figures from Crystal Mortgages state that it currently takes 150 days from application to completion of a prime commercial mortgage, up from just 85 days in 2007. This delay is leading more property professionals to seek bridging finance, which the firm is able to turn round in 15 days.

Roger Dewsbery, the senior underwriter at Crystal Commercial Funding, said that the firm has lent figures ranging from £20,000 to £2 million so far this year.

Although he admitted that it was frustrating for borrowers as banks stall on commercial lending projects, bridging facilities can be used as an effective way to address the gap.

“We are glad to be in a position where we can help businesses move forward in a safe and hassle-free manner.” He added.