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Bridging lending reaches £2.8bn in 2016

2/21/2017 12:00:00 AM   0 Comments   bridging loans, buy to let

Demand for bridging finance soared during the final quarter of 2016 to cap off a strong year, the Association of Short Term Lenders (ASTL) has revealed.

Figures from the ASTL showed a 26% rise in the value of bridging loans written during the final three months of 2016 compared with the previous quarter.

Total lending in 2016 reached £2.83bn, up from £2.59bn in the previous year.

Benson Hersch, CEO of the ASTL, said: “After a dip in volumes almost across the board in Q3 last year following the [EU] referendum, the size of the increase both in the quarter and across the year has overshot even my most optimistic expectations.

“I do expect volumes to rise again in the first quarter of this year, however, I expect the percentage increase to be lower compared [with] Q4, as this quarters figures very much contrast with the Brexit blues that affected people looking for bridging loans between July and September last year.

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