OSB ‘very bullish’ about bridging as originations climb to £338.1m

OSB Group has reported its interim results for the first half of 2026, with the loan book growing 1.3% to £26.3bn, up from £25.9bn at the end of December 2025.

In an interview with B&C, Jon Hall, group managing director of mortgages and savings at OSB (pictured above), and Adrian Moloney, group lending distribution director, discussed the group’s results.

Jon shared that “the picture over the next few years is one of growth in all of our markets”, with the H1 results demonstrating “the value of a diversified plan”.

The group recorded a 10% increase in total originations to £2.3bn, reflecting continued lending momentum despite prevailing market volatility and higher mortgage rates.

BTL remained the group's core engine, with originations rising 10% to just over £1bn.

However, management has reiterated its focus on reducing the BTL sector's dominance within the overall loan book, targeting a reduction from its current 68% share to below 60% by 2029.

In April this year, Jon told B&C that while he anticipated “growth in all segments”, commercial, semi-commercial, and commercial BTL will replace this volume, driving particular development in the platform.

Bridging originations climbed to £338.1m, while development finance reached £126,9m, both contributing to the group's broadening product mix. Commercial mortgages, by contrast, softened slightly to £301.4m.

Jon admitted that the conflict in the Middle East had “without a shadow of a doubt” impacted the commercial property market particularly.

Earlier in the year the group saw high enquiries but “uncertainty about the direction of interest rates” had left commercial borrowers hesitating. However, he noted that the group has already noted a recovery and was seeing “good levels of commercial business within our pipeline going into H2”.

Adrian concurred that while commercial opportunities could move at a slower pace, there were live cases and applications which were “now starting to come to fruition”.

Jon attributed the success of the bridging side of the business to the value that intermediaries place upon the heritage of the brand and the confidence that brokers had in OSB as a retail-funded organisation.

He added that the group was “very, very bullish about the bridging market” and had near-term plans to grow the unregulated proposition further.

Reflecting on the increasing competition in the bridging market, Adrian believed that Precise was “very well-established” which gave it a strong foothold compared to newer lenders.

Following the most recent MFS administration update concerning Barclays, Jon and Adrian were confident that OSB would not feel the effects of the fallout.

“The disruption in the first six months of the year is one that’s very concentrated in those that fund their business through other lending institutions,” said Jon.

“What goes on in terms of private-funded bridging lenders is just noise to us.

“This business has been in bridging for decades and those partnerships, that trust, that understanding of how you bring the service experience through in bridging is really key.

“We have that trust.”

Enrique Alvarez Labiano will step into the role of group CEO and board director from 1st September, as current CEO Andy Golding steps down.

In OSB’s results report, Andy commented: “We have grown from a balance sheet of £3bn at the end of 2012 to over £31bn today, completed an IPO and a successful merger, delivered an ongoing transformation programme, established award-winning lending and savings franchises and set a clear strategic direction.

“I am proud of the business I am handing over.

“I wish [Enrique] every success as he takes the business forward.”