"The somewhat indifferent performance of the economy has not affected demand for short term finance"
Bridging completions, applications and loan books continued to grow in Q1 2023, according to the latest data from the Association of Short Term Lenders (ASTL).
The figures, compiled from data provided by members of the ASTL, show that bridging completions passed £1.4 billion in the first quarter of 2023, an increase of 11.8% on Q4 2022.
Applications continued to rise, reaching £9.8bn during the quarter. This represents an increase of 13.1% compared to the quarter ended December 2022.
The latest data from the ASTL shows that the value of loan books has also increased, rising by 4.0% to another new high of just over £6.8 billion.
Vic Jannels, CEO of the ASTL, said: “The somewhat indifferent performance of the economy has not affected demand for short term finance, which continues to demonstrate that it can provide a versatile source of funding during all economic cycles. Loan books have reached another record high of more than £6.8bn and applications have now shown an increase in each of the last five consecutive quarters.
“Given the ongoing challenging economic environment, it’s important that lenders continue to take a robust approach to underwriting to help ensure the market continues to grow in a cautious and sustainable way so that it can help even more customers to finance transitional periods in the future.”
