ASTL: bridging lending hits £2.59bn in 2015
£2.59bn of bridging loans were written by ASTL members in 2015 - an annual increase of 13.8%.
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As at December 2015, the overall value of the loan books increased by 20% in comparison to the preceding year.
Although the number of applications saw a 14% rise year on year, there was a drop in Q4 compared to the previous quarter.
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.
“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. 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.”
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