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HomeNewsLoans Bridging lending increases as buyer demand outstrips supply Published: 28/05/2021 Share
Data from the Association of Short-Term Lenders (ASTL) shows the demand from consumers and businesses to get a bridging loan in the UK has increased at the start of 2021. Applications have exceeded pre pandemic levels by just over a quarter and the value of these was up 18% comparing Q1 2021 to the same period in 2020. The number of completions in Q1 was also up by just over 10% comparing Q1 2021 to Q1 2020.
However, comparing the number of completions in Q4 2020 to the start of 2021 shows a reduction of 1.9% in completions. This may be due to the heated property market marginally slowing down completion times due to sheer levels of demand and because of multiple applications from brokers to bridging lenders.
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th May 2021 9:42 am
Bridging applications jumped by more than a quarter to hit £7.49bn in the first quarter of the year, according to data from the Association of Short-Term Lenders.
New loan applications lifted by more than 25.5% in the first three months of 2021, compared to the same period a year ago, which the body says demonstrates “increased demand from customers”.
The data shows that the value of new bridging applications in the first quarter of the year was 12.0% higher than the final quarter of last year.
These figures are compiled by auditors from data provided by members of the ASTL.
Pivot has appointed Brian West (pictured) as head of commercial operations and marketing.
West served two terms as a board director of the Association of Short-Term lenders (ASTL) between 2015-2019 and has held senior roles at lenders such as GE Capital.
He has also been involved in helping to shape and drive growth with several smaller specialist lenders such as Swift, Funding 365 and Central Bridging.
Over the past year, West has worked as a consultant for several companies in both the specialist media and lending sectors.
He will now be responsible for driving the Pivot brand as it seeks to build out both its bridging and development offering.
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