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Bridging loan books grew to a record £4.62bn at the end of the second quarter of this year figures from the Association of Short-Term Lenders show.
The figure represents growth of 11.7% compared to Q1 2019 and an increase of 14.4% on the same quarter last year.
Bridging loan applications also hit a record total in the 12 months preceding the end of Q2 2019, with £22.13bn of applications representing a 9.7% increase on the same period the previous year.
Aaron Strutt, product director of Trinity Specialist Finance, says: “There is a lot of competition in the bridging sector and costs have come down. Some of the lenders are charging 0.49% per month.”
More than £1bn of bridging loans were written in the second quarter of this year, an increase of 11.8% on the previous quarter and a rise of 4.1% on the same period last year.
Call Trinity Specialist Finance on 020 7016 6151 to secure a bridging loan