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Property development boost – ASTL members lend £319m to developers in Q4 2017 PDF Print E-mail
Tuesday, 20 March 2018
In Q4 2017, members of the ASTL lent £319.4 million worth of development loans, of which £197.8 million were categorised as bridging.  This trend highlights the growing trend for property developers to rely on short term lending solutions. 

These development loans exclude what is generally termed “light refurbishment”, such as addition or renovation of bathrooms, kitchens and conservatories as these generally do not require planning permission or extensive structural changes.

Overall, Q4 2017 was a strong period for bridging lenders with an 19.6% increase on the previous quarter and for the first-time completions exceeded £1 billion highlighting the increasing use of alternative sources of finance. With annual completions exceeding £3.5 billion, it is clear that business is booming for ASTL members.

Benson Hersch, CEO of the ASTL says: “The housing crisis continues to be high on the government’s agenda and Sajid Javid highlighted last year that he wanted to do more to support SME building firms. Increasingly these small developers are relying on short term funding solutions, because traditional forms of finance are often not available to them.

“Such a trend demonstrates how alternative forms of finance are providing the solutions where the Government and the banking industry should be and could be bridging the gap.”

These figures are taken from the responses from ASTL members, which include most of the key lenders in the bridging market.
 

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