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by Ivor Ivor No Comments

Family Finance joins the Association of Short-Term Lenders

Family Finance has become the latest lender to join the Association of Short-Term Lenders (ASTL).

Family Finance was founded in 1953 by a consortium of local businesspeople in South Wales, providing finance for families in the area. Now in its seventh decade of trading, the company continues this tradition whilst also covering a wider demographic and geographical area, and whilst now also providing finance for commercial customers. Family Finance now caters for more than 12,000 customers throughout South Wales, the West Country, the Midlands, and the north of England. All lending is advanced with Family Finance as the principal lender.

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by Ivor Ivor No Comments

Shining a light on our customers

By: Vic Jannels, CEO at the Association of Short Term Lenders (ASTL)

As a market that is predominantly dominated by intermediary distribution, short-term property finance faces a challenge, in that providers of products and services effectively have two customers – the intermediaries and the end customers. It is important they have an in-depth understanding of both, but sometimes it can be easier to develop a more thorough understanding of the more immediate customer, the intermediary.

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by Ivor Ivor No Comments

Glenhawk joins the Association of Short Term Lenders

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

Glenhawk provides swift, competitive short-term property finance to help clients realise opportunities and progress developments. The lender has built its proposition on an accessible senior-leadership team, who are deeply experienced in the real estate and financial worlds and dedicated underwriters able to guide and support every loan from the initial enquiry through to the loan completion.

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by Ivor Ivor No Comments

Bridging market hits record growth in Q4 2021

 The latest ASTL data shows a record period for bridging lending in the last quarter of 2021, with completions and applications both reaching an all-time high.

The figures, compiled by auditors from data provided by members of the Association of Short-Term Lenders, show bridging applications reached a record high of £12.7bn in the quarter ending December 2021 – an increase of 65.4% on the previous quarter, which itself was a record period at the time.

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by Digital Media Manager Digital Media Manager No Comments

Working together to raise standards

At the ASTL, we regularly hold joint events, with our colleagues from FIBA, for a selected group of invitees from around the industry. The events provide an excellent opportunity to discuss current industry issues and best practice in a confidential environment. And so, whilst the individual comments and intimate details from our latest event remain in-house, I think it’s worth reviewing the topics that were discussed.
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by Digital Media Manager Digital Media Manager No Comments

Fee disclosure takes centre stage

Set against the constant change of the previous 12 months, the bridging market has steered a steady course in recent weeks. The ASTL’s lending figures for the first quarter of 2021 showed that bridging completions increased by 10.7% on the same period in 2020 and that the value of loan books was up by 3.5%. Applications are continuing to climb faster than completions, which will be of concern for lenders that are currently underwriting £7 for every £1 that they complete, but the value of loans in default has fallen to just 2.2% higher than in March 2020, so there are plenty of reasons to be positive.
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by Digital Media Manager Digital Media Manager No Comments

Taking a joint approach to tackling hot topics

At the ASTL we always look for opportunities to work collaboratively with our fellow associations in the specialist finance and intermediary lending markets, where it is appropriate to do so for the benefit of our members. This has driven a number of initiatives, such as a joint submission with FIBA regarding the stamp duty holiday and Robert Sinclair from AMI making a presentation at our annual conference.
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by Digital Media Manager Digital Media Manager No Comments

Bridging applications continue to climb

New bridging applications achieved £7.49bn in Q1 2021, an increase of more than 25.5% on the same period in 2020.

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 the value of new bridging applications in Q1 2021 was 12.0% higher than in Q4 2020 and 17.9% higher on the previous year in the 12-month period ending 31st March 2021, reflecting feedback from the market demonstrating increased demand from customers.
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by Digital Media Manager Digital Media Manager No Comments

Do we really know what receivers do?

There are so many more parties involved in the bridging process than simply a lender, customer and intermediary. Whether it’s facilitating originations, enabling completions, or supporting collections and recovery, there are many businesses that ensure our industry is able to function effectively and, at the ASTL, we make it our business to understand and educate about the role of those businesses and why they are important.

One question that arose recently was, do we really understand what receivers do? The role of a receiver has actually been around in one way or another for hundreds of years, but it’s one area of the process that I believe is still open to misunderstanding.
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by Digital Media Manager Digital Media Manager No Comments

We must be the voice of our customers

With the arrival of the third national lockdown, and following weeks of campaigning from the property industry, it is looking increasingly likely that there could be an extension to the SDLT holiday, avoiding a cliff edge end to the tax reduction at the end of March.

At the ASTL, we have collaborated with our colleagues at FIBA, to call for an extension to the deadline, and we haven’t been alone. Both IMLA and AMI have also spoken publicly about the need for an extension, as have many specialist lenders, and so it will come as welcome news if measures are taken to avoid a hard end to the window.
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