It finally seems that we are emerging from the pandemic, and we’re doing so with the bridging market in good shape. The latest lending data from the ASTL shows an almost universally positive set of results for bridging lending in Q2 2021, with completions increasing, applications remaining strong and defaults falling.
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A Shade Greener (ASG) Finance has become the latest lender to join the Association of Short Term Lenders (ASTL).
Established in 2013 to provide commercial finance to UK businesses using funds generated from the associated renewable energy company, A Shade Greener Ltd, ASG Finance provides a suite of tailored financial solutions including bridging finance, development finance, medium term lending and asset backed working capital. It also offers business recovery and restructuring and profit share development finance. Loan sizes are available from £500k to £7m.
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The latest lending data from the ASTL presents plenty of reasons to be positive about the bridging market. The figures, which are compiled by independent auditors using data provided by members of the Association of Short-Term Lenders, show bridging completions were £1.1bn in Q2 2021, an increase of 23.2% on Q1. Bridging loan books reflect this increase in completions and now stand at over £4.7bn.
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Earlier this year, when the enforcement moratorium was lifted, the government provided a safety net for struggling borrowers with the introduction of a new piece of legislation – The Debt Respite Scheme (Breathing Space).
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How often do you read about bridging finance in the personal finance press, or hear people talk about short-term mortgage lending on the television or radio? It doesn’t happen frequently, and when it does it rarely provides a fair reflection of the sector.
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Strettons has become the latest professional organisation to join the Association of Short Term Lenders (ASTL) as an associate member.
Strettons is a leading, independent firm of property advisors with expertise across a wide range of commercial and residential property, giving advice to buyers, owners, occupiers, investors, developers and more. Its core teams cover agency, property auctions, property and asset management and valuation and advisory services.
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The latest ASTL data shows an almost universally positive set of results for bridging lending in Q2 2021, with completions increasing, applications remaining strong and defaults falling.
The figures, compiled by auditors from data provided by members of the Association of Short-Term Lenders, show bridging completions were £1.1bn in Q2 2021, an increase of 23.2% on Q1. Bridging loan books reflect the increase in completions and now stand at over £4.7bn.
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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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There is growing noise in the market about the non-disclosure to the end customer of proc fee payments made to intermediaries on non-regulated loans.
At the heart of this is a recent court case that has wide ranging implications for the lending industry. The outcome of the case makes it clear that if a lender has paid a commission to a broker which has not been disclosed to the borrower, that lender is now more at risk of the entire loan being set aside. And where a loan is set aside, this can mean that a lender will have to make a substantial payment to the borrower and, in some cases, the lender might also be required to pay damages.
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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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