The Interview… Vic Jannels, CEO at the Bridging & Development Lenders Association

There has been a significant rebranding recently. Could you elaborate on the changes and the new identity of the association?

We recently changed our name from the Association of Short Term Lenders (ASTL) to the Bridging & Development Lenders Association (BDLA).

This rebranding to the BDLA is not a revolution, but an evolution. It enables us to better serve the interests of our members and their customers, which are bridging and development lenders and businesses complimentary to their sector.

As the only trade association dedicated to bridging and development lenders, we aim to protect and promote the interests of our lender members and their customers. The new name encapsulates our specific scope and focus, ensuring we provide confidence and support to all parties involved in the market.

The bridging market is currently seeing significant growth. Can you provide some insights into the recent performance of the sector?

Absolutely, the bridging market is indeed thriving. Loan books for members of the BDLA achieved a record-breaking £8.1bn in Q1 2024.

Our data shows that this was a 6.8% increase in the size of bridging loan books in the first quarter of the year compared to the final quarter of 2023.

Although completions in Q1 2024 were £1.51bn, representing a decrease from December 2023, they still marked a 6.2% increase year-on-year. Additionally, applications for new business in the first quarter of 2024 reached £11.3bn, a 17.5% increase from the previous quarter, indicating strong future growth.

What steps are you taking to ensure continued growth and support for your members?

Our efforts are concentrated on maintaining high standards and fostering growth in a sustainable, customer-focused market. We regularly engage with journalists, regulators, and policymakers to raise awareness and increase engagement with the sector.

Additionally, we have transformed the association to be more representative of the broader market, improving standards and encouraging sustainable growth.

Last year we launched the first recognised accreditation in specialist finance – the Certified Practitioner in Specialist Property Finance (CPSP) – in collaboration with the Financial Intermediary & Broker Association (FIBA) and the London Institute of Banking & Finance (LIBF).

This initiative represents a major step forward in enhancing standards, increasing professionalism, and advancing the reputation of the sector.

What are your thoughts on the future of the BDLA and the sector it represents?

The future looks very promising. With our rebranding and expanded focus, we are better positioned to support our members and the industry at large.

The recent lending data indicates strong potential for growth, and with our continued efforts in promoting responsible lending and industry standards, I believe the BDLA will play a pivotal role in shaping a robust and dynamic bridging and development lending market.

We recently collaborated with Interpath on its first UK Bridging Market Survey. The report observes a competitive landscape where innovation and customer-centric approaches are key differentiators and this dynamic will only serve to further enhance the reputation of our industry.

As we navigate through 2024, the outlook remains positive, with institutional funding expected to remain robust, fostering an environment of competition and continued customer focus.

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