ASTL members write over £3bn of bridging loans
By Tom BelgerThe value of bridging loans written by members of the Association of Short Term Lenders (ASTL) has exceeded £3bn for the first time
Section: mobile apps categories
The ASTL has reported that £3bn of loans were written in the 12 months to 30th June 2017, exceeding the £2.8bn for the same period last year.
The Association’s Q2 2017 figures also saw a record high for loans written of £875m, while applications received totalled £4.9bn.
The total loan book has also bounced back with a rise of 5.8% compared with Q1 2017, and up 10.6% on Q2 2016.
The value of loans written increased 12.1% compared with Q1 2017, and 17.8% on Q2 2016.
Applications for the quarter increased 39.6% compared with Q2 2016, while the figures for the year ending June 2017 showed a 56.6% rise, compared with the year ended June 2016.
Highlighted trends:
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Quarter ended 30 Jun 2017 compared to Quarter ended 31 Mar 2017 |
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Quarter ended 30 Jun 2017 compared to Quarter ended 30 Jun 2016 |
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Year ended 30 Jun 2017 compared to Year ended 30 Jun 2016 |
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Loans written (£) |
+12.1% |
+ 17.8% |
+6.7% |
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Loan book (£)* |
+5.8%* |
+10.6%* |
+10.6%* |
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Applications (£) |
+0.9% |
+39.6% |
+56.6% |
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“The increase in positivity shown by members in a recent sentiment survey seems to be reflected in the latest figures,” said Benson Hersch, CEO of ASTL (pictured above).
“It remains to be seen how the ebb and flow of Brexit negotiations will affect the sector, but the market remains good for the time being.
“Barring unexpected jolts to the economy, I expect a period of consolidation ahead, especially with the increasing likelihood of interest rate rises.”
Keywords: ASTL, Association of Short Term Lender, Benson Hersch, Bridging finance, bridging loans, bridging lenders, bridging completions, ASTL members, ASTL lending figures, ASTL bridging finance, bridging finance growth, bridging finance market