2015 Sees Increase In Bridging Loan Lending
According to the Association of Short Term Lenders (ASTL) there has been an increase in the amount that its members have advanced by way of bridging loans in 2015 when compared to the previous year.
Apparently, members of ASTL arranged bridging loans with a total of £2.59 billion in 2015. When compared with 2014, there has been a 13.8% increase in the amount advanced. Therefore, it would appear that this sector of the lending marketplace is on the increase and it will be interesting to see what happens in 2016.
It probably does not come as a surprise to read that there was also a big increase in the number of bridging loan applications that were processed in 2015. When compared to 2014, there were 14% more applications processed in 2015.Interestingly however, in Q4 of 2015, there was a drop in the number of applications in comparison to the third quarter of last year. Perhaps this was a seasonal factor leading up to the festive period?
There are numerous lenders that will consider providing bridging finance so it is important that if you are seeking this sort of finance that you obtain a competitive deal. Many people look no further than their own bank for bridging finance but there are also a number of specialist lenders who may be able to assist.
You can shop around yourself to try to find a bridging loan but that could involve giving up quite a bit of time to do so. Another alternative is to use the likes of a mortgage broker who has access to many lenders and let the broker try to source a competitive bridging loan package on your behalf. In that respect, through our website, we can put you in touch with a finance broker who has an extensive portfolio of lenders that they can use to try to source a suitable bridging loan for you.