His comments follow figures from the Association of Short Term Lenders which show that three quarters of its members believe business levels in the market have grown over the past six months.
In the first quarter of 2015 gross lending in the specialist short-term loans market reached £80.47million and industry experts predict that, if current growth remains buoyant, the industry will grow to around £4.4 billion by the end of the year.
Speaking about the increasing demand for short-term funding from specialist lenders, Chris Baguley said:
“With banks remaining cautious about lending, we have seen an increasing number of UK businesses and property professionals turning to Bridging Finance to secure short-term funding to help them capitalise on the growth opportunities an improving economic outlook provides.
“Our flexible, fast and common sense approach to finance means we can support businesses and property investors in many instances when traditional lenders can’t.”
There is plenty of optimism at Bridging Finance about the future for specialist short-term lenders in the UK.
Chris continued: “As the economy continues to grow we can expect the high levels of demand in the short-term funding market to persist as businesses and investors look once again to expand after what has been a difficult few years. 73 per cent of ASTL members said that they anticipated the short-term funding market to perform even better than at present throughout the rest of 2015[v].
“That’s good news for the short-term lending market, which is now rightly being seen as an effective solution for businesses who are unable to secure the funding they need through traditional banks.”
