No recovery in bridging lending!
We've previously argued that the bridging loan market is a follower of the residential and commercial mortgage market. Here's the latest news.
Commercial Mortgage & Buy to Let News
Brokers taking part in the latest annual survey by the National Association of Commercial Finance Brokers (NACFB) have reported declines in business of up to 85% over the last 12 months!
Bridging finance lending fell by 77% to £190m against £836m the year before. Hardly surprising when commercial funding is also reported as falling by 60% and buy-to-let mortgages declining by a massive 88% (£3bn down to £836m).
There's also been some bad news looking forward. Lloyds TSB is restricting buy-to-let investment borrowers to just 9 properties and maximum mortgage loans of £3m across the entire groups distribution channels. It is clear, as we have said before, that recovery in the commercial sector can only follow the personal sector and bridging loan lending will follow both!
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