The Association of Short Term Lenders (ASTL) reports an encouraging surge in bridging lending for Q1 2023. In data compiled by auditors, bridging completions surpassed £1.4bn, marking an 11.8% increase from the last quarter of 2022.
Applications also saw an uptick, totaling £9.8bn during Q1 2023, a 13.1% rise compared to the December 2022 quarter. In addition, the total value of loan books ascended by 4.0%, reaching a new peak of over £6.8bn.
“The somewhat indifferent performance of the economy has not affected demand for short-term finance, which continues to demonstrate that it can provide a versatile source of funding during all economic cycles,” said Vic Jannels (pictured), CEO of ASTL.
He noted that loan books have reached another record high of more than £6.8bn and applications have seen consistent growth for five consecutive quarters.
Jannels stressed the importance of a diligent approach to underwriting amidst the challenging economic climate. He emphasised the need for lenders to ensure market growth is cautious and sustainable, aiding more customers in financing transitional periods in the future.
