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Latest Apex Bridging News
Feb 15, 2023
The bridging loan sector lent £166.3m during the final quarter of last year, according to market analysis by bridging finance specialists Apex Bridging. This equated to a drop of 22.5 per cent versus the previous quarter but remained 14.4 per cent higher than the £145.4m lent during the fourth quarter of 2021. Bridging loans have become increasingly popular, and the analysis by Apex Bridging shows that total gross lending hit £716.2m in 2022. Despite the reduction in lending seen during the final quarter of 2022, the total annual sum sits 14.3 per cent higher than total gross lending in 2021, 57.4 per cent higher than 2020 when the pandemic caused a notable reduction in market activity and is the third highest total annual sum lent since 2015. The analysis reveals that during the third quarter of last year, residential homebuyers looking to overcome chain breaks were the predominant borrowers driving bridging loan performance. However, while they remained the second most prominent consumer segment in the fourth quarter – accounting for 15 per cent of all lending – property investors have utilised the bridging sector to the greatest extent, accounting for 26 per cent of all borrowing. Refurbishment accounted for 14 per cent of all lending, while unregulated finance, popular with intermediaries, investors and developers, accounted for 10 per cent of all lending. “There’s no doubt that the market turbulence seen during the closing stages of last year continued to influence bridging trends, with homeowners suffering chain breaks remaining a significant consumer segment, while the average interest rate available climbed to its highest level since the second quarter of 2019 in line with the wider market,” said Apex Bridging managing director Chris Hodgkinson. Hodgkinson added that the average time to complete an application increased notably to 66 days, which reflects the more difficult landscape facing bridging lenders, despite it remaining a fast route to securing finance. “What’s also clear is that while the market may have cooled, confidence amongst investors and developers remains strong,” he said. “Investment purchases accounted for the highest proportion of lending, with refurbishment also a driving factor for borrowers, which suggest that those utilising bridging loans within a professional capacity are getting their house in order for the year ahead.”
Apex Bridging Frequently Asked Questions (FAQ)
Where is Apex Bridging's headquarters?
Apex Bridging's headquarters is located at 1 The Cornerstone, Kegworth.
What is Apex Bridging's latest funding round?
Apex Bridging's latest funding round is Other Investors.
Who are the investors of Apex Bridging?
Investors of Apex Bridging include Middleton Enterprises.
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