astl - A new trade association designed to cover the short term lending market has been launched. The Association of Short Term Lenders is the first association in the UK to focus solely on the short term lending market and already has 20 founder members of the most active and most respected names in the industry.

Until now, the short term lending (bridging loan) market has been perceived as a somewhat neglected area within the financial services sector. Unlike many other specialist areas, the short term lending market is largely un-regulated and therefore little is known about the overall size and state of the industry. astl aims to address this by regularly collating and distributing industry statistics and data, and information. astl seeks to represent all active short term lenders in UK.

“In the current economic climate, we are concerned that certain companies may identify the short-term lending market as an opportunity to reap quick returns. With the formation of the astl and the introduction and monitoring of a code of conduct for all members, we aim to bring a high level of respectability and transparency to the industry. This will ensure that anyone interested in transacting business in our marketplace has instant visibility of which organisations are members of astl and therefore are adhering to our standards.” comments Adrian Bloomfield, Chief Executive of astl.

One of the astl’s first tasks will be to raise the profile of the activities of its members, bringing broader awareness and transparency to the wider financial industry. astl will promote members interests and where appropriate lobby on their behalf.

The astl has established an Executive Committee (made up from Affirmative, Bridgingloans.com, Cheval, Excel, Masthaven, and Mathon). A Compliance Committee and a Membership Committee are being set up. Other working groups will follow, as required.

The formation of the astl has been welcomed by Michael Coogan, Director General of the Council of Mortgage Lenders, who added "We welcome this move and look forward to working with the astl, which will lead to increased transparency and information of the short term lending market, as well as introducing self-regulation of organisations operating within this sector."