Q3 Sees Fall In Bridging Loan Completions
It is interesting to hear that, according to information provided by members of the Association of Short Term Lenders (astl) to the association, there was a drop in the monetary value of bridging loans that were completed on during the three months to the 30th September 2016 when compared with same quarter of 2015. The reduction was 4%. Also, it is worth noting that when comparing the third quarter of this year with the previous quarter of 2016, there has been a fall of just over 17%.
However, when comparing the monetary value of bridging loans that completed for the twelve months to 30th September 2016 with the same period to the 30th September 2015, there has been an increase of 15%. We are sure that you will agree that this is a sizeable percentage increase.
The Association of Short Term Lenders are of the opinion that the total amount lent by way of bridging loan by its members in 2016 is likely to exceed £2.4 billion that was the amount lent by members of the ASTL in 2015. However, the association feels that it is not likely that its members will get to a figure of £3 billion of bridging loan completions.
With so many providers of bridging finance it is important that people and businesses looking for such finance should consider shopping around rather than do what no doubt many do and that is merely to apply for such borrowing from the high street bank or building society where their current account is maintained. For instance, there are a lot of specialist bridging loan lenders. In this respect, one option is that you could contact a broker that has access to an extensive panel of lenders that provide bridging loans. Commercial Mortgage Link should be able to introduce you to such a broker so why not get in touch with us.