ASTL: 'Bridging market continues to outstrip main mortgage market'
By Tom BelgerThe Association of Short Term Lenders (ASTL) says £2.59bn worth of bridging loans were written by its members during 2015.
Section: News from the astl
The Association of Short Term Lenders (ASTL) says £2.59bn worth of bridging loans were written by its members during 2015.
The figure is a 13.8% increase on the previous year and as at December 2015 the overall value of loan books increased by 20% in comparison to 2014.
Benson Hersch, Chief Executive of the ASTL, said bridging finance continues to outstrip the main mortgage market as more brokers and borrowers turn to bridging loans.
“Members are recording increased business volumes and it is therefore little surprise that the bridging industry has become such an integral part of the mortgage funding market,” said Benson.
Benson noted a fall in the number of applications in Q4 compared to the previous quarter, but said this was not an indication that completions would be adversely affected.
“It will certainly be interesting to see whether or not the decline in loan applications at the end of last year will have an impact on the bridging market in the coming months,” said Benson.
“Either way, sentiment remains highly positive and the final figures for 2015 in terms of loans written and the loan book value show strong demand for bridging loans.”
Keywords: ASTL, Bridging Loans, Association of Short Term Lenders, Bridging Finance, Lenders, Benson Hersch, Mortgages