Bridging loan books have come to around £8.4bn in the second quarter of this year, according to figures.
According to the Bridging and Development Lenders Association (BDLA), formerly known as the Association of Short Term Lenders (ASTL), completions grew to a record of £1.74bn in Q2 this year. This is up by around 15% on the first quarter.
This helped lead to a 2.9% increase in the size of the overall loan books from £8.1bn to £8.4bn.
Bridging applications fell by 9.9% in the second quarter, compared to the prior quarter, which came to around £10.2bn.
Within the bridging completions figure in June, there was £108.2m of development loans and members wrote £335.5m of non-bridging development loans.
This led to a development lending total of £443.7m for the quarter, which is slightly down from the £445.1m that was recorded in the prior quarter.
Vic Jannels, CEO of the BDLA, said that the latest data showed record completions and overall loan book values in the second quarter of 2024, “providing further evidence of the continued growth of the bridging and development lending sector”.
He continued: “Despite the challenges faced in the broader economic landscape, the significant increase in bridging completions, ongoing growth in loan books and the sustained demand for development loans highlight the vital role our members play in driving property market activity.
“And the future for our sector looks incredibly positive as the continued success of the Certified Practitioner in Specialist Property Finance (CPSP) demonstrates a growing number of professionals who are committed to demonstrating their expertise through this accreditation.
“The more we can build on this momentum, the greater awareness we can bring to the versatile benefits of short-term property lending and the more opportunities we can deliver to intermediaries to help their clients finance their property objectives.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
Other Articles
Stocks Rise Before Jobs Revisions as Target Up 15%: Markets Wrap
No Comment! Be the first one.