Number of bridging loans in Q4 highest in a year
The trade body for the bridging finance industry, the Association of Short Term Lenders (astl) has revealed that soundings from members indicate that whilst the number of bridging loan applications fell slightly in the final quarter of 2009, the number of completed loans saw the biggest increase of the year.
Adrian Bloomfield, the chief executive of the astl, has said that even though applications were down, the higher volumes of loans going through showed that better quality deals were encouragingly emerging in the sector.
Mr Bloomfield disclosed that members reported that during the third quarter, the number of loan applications received rose “considerably” on the first two quarters of the year, whilst applications in the fourth quarter “remained fairly strong”.
There was even more good news for the short term finance industry, as the number of cases in default dropped, as did the number of cases expiring without the funds being repaid. Mr Bloomfield confirmed that there had been a significant decline in the number of problem cases emerging.
He added: “There is no question that these are indications show that industry conditions are now improving, rather than declining.”
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