Bridging lending increased by 27pc

Gross bridging lending ibridging-loans heaved to increase by 27% in the year from August with the quarter, now providing £2.9bn of finance for borrowers, according to a lender. This proves a considerable increase on the annual lending figures in last year, where the market has been accounted of lending for £2.2bn.

Expert says: “The increase is caused by the low rates offered for bridging finance by lenders. Meanwhile, the mortgage market has been witnessing growth but the rate of improvement is slight which is drastically behind the bridging lending market. Bridging lenders and brokers have been working hard throughout the summer to complete deals,

with providing competitive interest rates and serviced to maintain the bridging lending as a short-term finance solution.“

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