ASTL reveals official bridging figures
Astl, the trade body for short term lenders, has revealed the first set of official figures for the industry. The figures are collated from its members on a quarterly basis.
In the last quarter up until the end of September, applications were received for £1.064billion, while astl members lent £265million worth of loans. The loan book at end of period was worth £974million.
Figures for the quarter ended September 2012 reveal that applications were down on the previous quarter, but 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.”
Astl short term lending figures, representing the lending of all of its members, will now be produced and published quarterly.
Colin Sanders, CEO, Omni Capital said:
“As an active member of ASTL, Omni Capital is delighted to see the public release of important data pertaining to the short-term lending sector.
We have been pushing for some time for further meaningful data about the sector, and it’s encouraging that so soon after taking the helm as CEO, Benson Hersch is making clear progress in this vital area.
Some commentators may observe that the ASTL represents only a relatively small number of bridging lenders. While true, I would counter they are the lenders that account for most of the lending and, more importantly, helping to drive positive change in short-term lending.
We look forward to contributing our own data on a consistent basis – as I’m sure do our fellow lender members – in order to bring further understanding and transparency to one of the few lending sectors that is actually functioning as it should.”
Keith Aldridge at Capital Bridging Finance said:
“The publication of the quarterly figures under the ASTL banner has to be encouraging for the sector. It will help funders to promote their propositions to the market and brings credibility to the industries statistical data. At Capital Bridging Finance were are optimistic that the trend for 2013 will be upward and we look forward with anticipation to the quarterly statistics during 2013”