If Brexit uncertainty was supposed to put a dampener on property lending, the Bridging industry clearly didn’t get the memo.
The most recent ASTL quarterly results show a strong year on year performance to the end of September 2018 with the value of bridging loans written climbing by 21.2%. The total value of bridging loan applications received between January and the end of September 2018 was just over £20bn. And although completions tend to be much lower (around 20%) due to multiple applications and other factors, the figures do indicate a vibrant and growing specialist lending sector.
At UTB we’ve seen a 65% year on year increase in bridging business volumes. Why is this so much higher than growth reported by the ASTL? Because our objective this year was to secure more market share. By underlining our competitive pricing for the right deals, by investing in quality people and putting more BDM boots on the ground all over England and Wales and by further improving our underwriting and admin processes, we’re going to post our best year ever. That in a year when many believed Brexit would throw a large uncertainty shaped spanner in the property lending works.
And remember, this year is far from over. If your clients are still finding opportunities, and if you’re looking for a dependable and pragmatic lender to support their projects and get things underway this side of Christmas, please get in touch.
Whatever Brexit uncertainty there might be…