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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Like most areas of the mortgage market, the bridging market has barely paused for breath since the beginning of the year. Brokers and lenders alike have spoken of increasing demand for short term lending for a range of purposes amongst homebuyers and property investors. And this demand has been confirmed by the latest ASTL lending data, which found that applications achieved £7.49bn in Q1 2021, an increase of more than 25.5% on the same period in 2020 and 12.0% higher than in Q4 2020. In fact, £7.49bn represents the second highest quarterly applications value on record, with the top quarter being recorded in Q3 2020, which included much of the pent-up activity coming out of the end of the first national lockdown.
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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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Landwood Group has become the latest professional organisation to join the Association of Short Term Lenders (ASTL) as an associate member.
Landwood Group are experts in Property and Plant and Machinery providing services in recovery and valuation, asset management, project and building consultancy and property auctions. It has a team of chartered surveyors across offices in Manchester, Liverpool and London.
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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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London-based full-service law firm, Memery Crystal has become the latest professional organisation to join the Association of Short Term Lenders (ASTL) as an associate member.
The law firm has a track record of acting for alternative finance providers, helping to develop their reputation and portfolio by delivering advice on creative security structures, lending terms and the suitability of agreements. Memery Crystal also advises UK companies seeking to raise finance through progressive schemes such as corporate mini-bonds, listed bonds and crowdfunding.