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Bridging loan books hit a new record high in Q3 2023, according to the latest data from the Association of Short Term Lenders (ASTL), with applications and completions also showing strong growth during the period.
The figures, compiled by auditors from data provided by members of the ASTL, show increases across all areas of lending, with bridging loan books continuing their upward trend, growing by 2.0% to reach a new high of £7.3 billion.
Applications rose to £9.7bn, an increase of 5.6% compared to the quarter ended June 2023 Completions were £1.4 billion, which is an increase of 5.8% on the previous quarter.
Average loan-to-values were virtually unchanged at 57.7%, which is a very small decrease from 57.8% in the June 2023 quarter.
Vic Jannels, CEO of the ASTL says: “Bridging lending has again bucked the trend of the wider market to record a period of strong growth in the third quarter of 2023. Compared to the same period last year, application volumes have risen by more than 8%, completions have grown by nearly 11% and loan books have swelled by well over 18%. This means that member loan books have exceeded £7bn for second consecutive quarter, hitting a new record."
Here are Trinity Specialist Finance's top reasons to use a bridging loan:
Chain Break
If you want to purchase a new property but are stranded waiting for your current one to sell, a bridging loan could be the solution to breaking the chain.
Auction Purchase
Want to purchase a property at auction? Bridging loans are a great way to quickly raise capital, making them ideal for purchasing property at auction.
Purchase of unmortgageable properties
Utilising bridging finance, we could help you purchase an unmortgageable property and carry out the required works to qualify for a standard mortgage.
Refurbishments
If you are considering making refurbishments to your property, bridging finance can be a great way to fund the works. Once completed, you can utilise a standard residential remortgage to exit the bridging loan.
Development exits
If you are a developer, bridging finance can provide the perfect platform for you to start your next project prior to the sale of a recent development. Once the sale of the previous development is completed, you can then exit the bridge with equity from the sale after having already started your latest project!
Trinity Specialist Finance has access to a wide range of bridging lenders, and with expert knowledge on our side, we are here to help you & your business with any bridging or commercial finance requirements.
Call Trinity Specialist Finance to secure a mortgage on 020 7016 6151 or book a consultation
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