Brokers say they are writing 51% more bridging business compared to twelve months ago, according to figures just released from West One Loans latest Broker Sentiment Survey. Meanwhile, the West One Loans Bridging Index shows that in the third quarter of 2012, quarterly gross lending grew by 14% to £399m in Q3, up 65% from the equivalent period in 2011.
Duncan Kreeger Chairman of West One Loans comments: “Mainstream lenders are being squeezed between higher capital adequacy requirements and the lack of confidence the money markets have in them. Although we only lend to landlords and developers who want commercial loans, the high street lenders’ pain has been our gain.”
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