We're delighted to announce a strong first half performance in bridging finance, with the average value of new deals increasing by over 20 per cent compared to the same period in 2018.
So far this year, we've provided £15 million in bridging loans, taking the total amount lent since the launch of the product in 2016 to nearly £60 million. This has been largely within the residential and commercial property markets alongside a strong increase in demand for development exit funding. Our diverse bridging portfolio highlights our flexible approach to funding at a time when we continue looking at new ways to provide property entrepreneurs with the help they need to thrive.
These figures echo growth across our entire business, having seen the strongest first half performance on record by providing £750 million to SMEs in 2019 so far across our full suite of asset-based lending solutions.
Our CEO, Josh Levy, said: “Over the last six months we have significantly strengthened our offering in the bridging space and will be increasing the size of our team and market presence. We continue to build on the success of our bridging offering, supporting our clients and introducers with our flexible approach that recognises the need to execute quickly and efficiently. We expect market demand to remain strong and are committed to increasing our funding in line with client need. We’re confident that the second half of the year will be even more successful than the first.”