Author: Digital Media Manager

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Bridging completions fell in 2020 but applications increased

Bridging completions were £2.88bn in 2020, down from £3.99bn in 2019, but applications grew by more than 11% on the previous year.

This is according to the latest figures compiled by auditors from data provided by members of the Association of Short-Term Lenders. The data shows that completions in 2020 fell by 27.9% on 2019 and that bridging loan books dropped to £4.48bn, a decrease of 2.5% on the previous year. The value of applications in 2020 increased to £25.82bn, up from £23.19bn in 2019.
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Griffins joins the ASTL

Griffins has become the latest professional organisation to join the Association of Short Term Lenders (ASTL) as an associate member.

Griffins provides insolvency, litigation and forensic services to a wide range of companies across the finance and banking sector, on matters ranging from restructuring to asset recovery and fraud investigation. Griffins also works closely with the insolvency, recovery and restructuring industry’s regulators to promote Insolvency Practitioners’ interests and advise on matters of conduct.
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Greymax Capital joins The Association of Short Term Lenders

Greymax Capital has become the latest lender to join the Association of Short Term Lenders (ASTL).

Based in London, Greymax Capital offers a return to true relationship bridging, operating with private capital and providing direct access to its principals and underwriters. As seasoned property agents, investors and developers the directors of Greymax Capital understand property and its many intricacies.
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ASTL calls for ongoing collaboration with with HM Treasury

The Association of Short Term Lenders (ASTL) has continued its ongoing dialogue with HM Treasury, with a letter proposing collaboration on any potential extension to the enforcement moratorium, following the latest national lockdown.

Within the letter, the ASTL says: “The health of the nation is paramount, and no member would knowingly seek to repossess a domestic residence where health concerns continue. With this in mind, we would like to repeat our assertion that a broad-brush approach to mortgage lending enforcement when it comes to measures such as this is ultimately detrimental to customer choice and access to finance.
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Bridging applications hit record levels and completions bounce back in Q3

Bridging applications hit their highest ever level in Q3 2020, and completions rose by more than 40% as the market bounced back from the impact of the first lockdown.

This is according to the latest figures compiled by auditors from data provided by members of the Association of Short-Term Lenders. The data shows that applications totalled £7.6bn in Q3 2020, representing an increase of 39.1% over the previous quarter and an increase of 25.7% on the same period in 2019.
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Finding strength in adversity

I had originally written this article prior to the very sad news of the passing of Benson Hersch, who was my predecessor as CEO of the ASTL, a good friend and colleague. I titled the article “Finding strength in adversity” and, if anything that title holds more truth today than it did at the time of first writing.

On behalf of the Board, I can say that Benson is the reason why the ASTL is where it is today. He took the reins of the membership and transformed it into an association that was more representative of the industry, with a clear purpose to improve standards and encourage sustainable growth of the sector. Read more

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Bridging Toolbox: Rebridging

Bridging finance is designed to provide borrowers with a short-term lending solution until they are able to secure an exit, either through refinancing or sale of the property. But what if things don’t go according to plan and the intended exit is no longer possible when the term of the bridging loan expires?

This year, more than any other, has taught us that even the most robust of plans can be blown out of the water through unforeseen circumstances and the with the door slammed shut on potential exit routes. So, what options does a client have?
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Finding a way to faster completions

The average completion time for a bridging loan in Q3 of this year was 52, up from 50 days in Q2, and a surprisingly long period for a type of finance that is known for delivering solutions at pace.

This can be very frustrating for brokers and customers, and at the ASTL we endeavour to encourage all lenders to progress cases with speed wherever possible, but also with the highest possible levels of diligence.
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One way to avoid an SDLT deadline clifftop

There is growing momentum across the property industry encouraging the government to review its stance on the cessation of the stamp duty holiday, which is currently scheduled for 31st March 2021. At the ASTL, we would like to add our thoughts as to how all participants can benefit and, at the same time, help avoid a deadline calamity.

As the situation currently stands, there is a realistic possibility that customers who have commenced live transactions in the belief that they will benefit from a reduced SDLT bill may not complete by the deadline of 31st March 2021. This may well be through no fault of their own and yet they may find they are subject to a significant tax charge that they had not anticipated.
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Nivo joins the ASTL

Nivo has become the latest professional organisation to join the Association of Short Term Lenders (ASTL) as an associate member.

FinTech, Nivo, designed its technology solution to meet the needs of specialist lending. Within its convenient messaging network, Nivo simplifies information gathering and checks using a range of fintech tools like biometric identity verification, open banking, advanced e-signing and instant filesharing. It then makes it much easier to progress deals quickly, through seamless data and file transfer and instant messaging with intermediaries.
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