In the last quarter up until the end of September, bridging applications were received for £1.064 billion, while members of the trade body ASTL lent £265 million worth of loans.
The loan book at end of period was worth £974 million.
Figures from the ASTL, the trade body for short term lenders, are collated from its members on a quarterly basis and have been released for the first time. Figures will now be produced and published quarterly.
Applications for the quarter ended September 2012 were down on the previous quarter, but the ASTL says there is a “steady upward trend” in the value of loans written and the size of loan books.
Benson Hersch, chief executive of the ASTL, said: “There is a growing need for bridging and short term loans of 12 months and under as mainstream lending becomes harder to access. The first, complete quarterly statistics from ASTL members reveals that while bridging makes up just a small proportion of overall lending, the amounts lent are significant.
“The quarter up until the year end has seen increased demand and I expect the next quarter’s figures to show an increase in both demand and loan values.”
