ASTL Bridging Finance Figures Positive
The Association of Short Term Lenders (ASTL) has produced its members quarterly results for the amount lent by way of bridging loans in the first quarter of 2018 and the figures are favourable. In the first three months of this year the amount of completions was in excess of £1 billion with the figure being 1.5% more than in the fourth quarter of 2017.
When comparing the first quarter of 2018 with the same period last year the volume of completions rose by 32.5% and the number of completions increased by 29.9% over the 12 month period. The loan book value as at the end of the first quarter of 2018 was £4.2 billion.
The number of applications for bridging finance rose by 28.9% in the first quarter of 2018 whereas in the last quarter of 2017 there was a drop in applications of 11%. However, over a 12 month period the number of applications rose by over 23% with applications totalling over £19 billion. Presumably this means that quite a lot of applications do not proceed to completion?
There is obviously a steady market for such short term finance here in the UK and there are numerous lenders providing bridging finance. It is not just the high street banks providing bridging finance these days as there are so many specialist lenders who offer such lending. In this respect, if you are considering applying for a bridging loan then you may wish to use the services of a broker who has an extensive panel of lenders at his or her disposal. Here at Commercial Mortgage Link we can put you in touch with such a broker. This should provide you with the opportunity to obtain a competitive lending package. Do remember that it is not just the interest rate that impacts on how much you end up paying for a bridging loan as other things such as arrangement, security and valuation fees also have a bearing upon the overall cost of such borrowing.