May 20, 2013
Short term business loans provided by bridging lenders have signficantly outpaced mainstream commercial finance in the last twelve months according to the latest West One Loans broker sentiment survey. The poll, taken from data collected from over 350 mortgage brokers reported 16% quarterly growth in short term loans secured against property assets. The expansion is the second highest rate of growth ever recorded and brings alternative lending to a new record high of £360 million for the last twelve months.
This compares to data from the Bank of England recently showing a 5.2% drop in mainstream business loans in Q1 2013.
West One Loans director Duncan Kreeger comments " Alternative lenders such as West One, are providing a million pounds in business loans every day. It is confirmation to me how the flexibility of peer to peer lending provided by sophisticated private investors can simply outpace cumbersome institutional funding."