The association’s chief executive, Adrian Bloomfield, has said that these additions indicate a welcome upturn in the short term finance market.

 

“New firms who are active and have ample funds to lend will certainly give the market a boost, and as there is plenty of attractive business available I can’t imagine it having a negative effect on other lenders.” He said.

 

The additions are both set to be big players in the market this year: Drawbridge Finance and United Trust Bank. In an example of how closely linked the specialist sector is, the bridging divisions of the new member firms are being headed up by two former colleagues, from short term lender and fellow executive astl member, Cheval.

 

The operations of Drawbridge Finance are being managed by Mark Posniak, former sales manager of Cheval, whilst the bridging side of United Trust Bank is being overseen by Alan Margolis, former chief executive of Cheval.

 

The astl has also now decided to extend its associate membership, made up of non-lenders, to include firms of valuers/surveyors.  Mr Bloomfield continued: “Any surveyors interested in becoming more involved with short term lenders are now welcome to apply to become associate members. They can find all the contact information on the astl website www.theastl.org.”

 

In other news from the trade body, members have finalised their response on the FSA recent discussion paper concerned with dealing with customers in arrears, and treating them fairly.

 

“Unlike the FSA consultation on extending regulation to the buy to let sector, the astl is generally supportive of the initiatives outlined in the paper.” Mr Bloomfield said.

 

In a case of choosing their battles, Mr Bloomfield added: “We’re not opposed to the principles of fairness the FSA is proposing in this paper, some details may take a bit of organising but we’re not likely to raise any material objections.”