Bridging sees 'mixed bag' in Q1 with record applications but falling completions
Bridging loan applications totalled more than £5.96bn in the first quarter of this year, representing growth of 13.6% compared to Q4 2018 and 6.9% compared to Q1 2018, according to the latest ASTL figures.
"For completions, this was the lowest result since Q3 2017."
However the value of completions during Q1 2019 was £898.5m, representing a 13.1% decrease on the same period last year.
Bridging lender loan books reached £4.14bn in Q1 2019, a quarterly increase of 7.9% but slightly down on the same period last year.
Benson Hersch, CEO of the ASTL, said: “The results for Q1 2019 were a mixed bag. For completions, this was the lowest result since Q3 2017. On the other hand, the loan book total is the highest since Q1 2018 and the applications were the highest ever.
"We would expect this high value of completions to result in improved completions in Q2 2019.”
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