The Association of Short Term Lenders (ASTL) has reported that the final quarter of 2017 saw quarterly completions for its members exceeded £1 billion for the first time.
In total, annual completions exceeded £3.5 billion. The value of loans written for the quarter ending 31 December 2017 revealed an increase of 19.6% compared to the previous quarter. Annual completions rose by 24.6% to over £3.5 billion. In comparison to the same quarter last year, the value of loans written in the quarter has increased by 31.7%.
Total loan books are continuing to climb, with a rise of 4.6% compared to Q3 2017. Compared to the end of Q4 2016, the value of loan books has risen by 12.9%, to £3.7 billion.
However, the quarter did see the pace of increases in applications continue to decrease (11%) compared to Q3 2017. While those on an annualised basis are up 42.6% on the year ended December 2016; making up a total of £18.93 billion.
Benson Hersch, CEO of the ASTL, said: “Our figures highlight that, despite ongoing concerns relating to Brexit and the property sector, the bridging finance industry remains in good shape and is ready and willing to meet the challenges that 2018 may bring.
“The bridging sector continues to provide a vital role in the economy by offering customers access to the capital they need in a responsible and sustainable way. It continues to be an important part of the alternative finance market.”