Second charge market smashes post-Credit Crunch lending records
Second charge lending totalled £123.6 million in October 2021, according to research from Loans Warehouse in partnership with Insights, Barcadia Media's independent market research portal.
"We believe these figures, boosted by the addition of the industry's newest entrant Selina Finance and the removal of almost all pandemic restrictions, are the highest recorded under FCA regulation"
The data, reported directly to Loans Warehouse from second charge lenders, show that October's figure is the highest recorded since the Credit Crunch and surpasses the previous record of £118m in 2019.
Matt Tristram, managing director of Loans Warehouse, commented: "Researching figures published by the FLA since the Credit Crunch, we believe these figures, boosted by the addition of the industry's newest entrant Selina Finance and the removal of almost all pandemic restrictions, are the highest recorded under FCA regulation, which peaked back in 2019 at £118m.
"The actual number of completions has significantly increased month on month, jumping from 2,588 in September to 2,839 in October, again marking a new record.
"This takes year to date second charge lending to £924.6m making the possibility of a billion pound lending year almost guaranteed."
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/october-2021.
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