Lending in the second charge space totalled £150.9m in May 2022, according to the latest Secured Loan Index published by Loans Warehouse.
This was a £10.5m increase on the total reported for April.
Figures reported directly to Loans Warehouse from second charge lenders confirmed that May’s figures also represent a 7.5% growth month-on-month as well as the second-highest lending total since the credit crunch.
According to the Loans Warehouse index, completions totalled 3,078 for the month of May, which was a 3% rise on April, while the average completion time per loan stood at 15 days, seven days faster than the speed in April.
“The annual growth is almost unprecedented with a huge 67.9% growth from May 2021, whilst year-to-date lending has now reached £834m, well over double the £389m by the same point last year,” highlighted Loans Warehouse managing director, Matt Tristram.
The monthly Secured Loan Index from Loans Warehouse uses information from several second charge lenders in the UK including Optimum Credit, Oplo, United Trust Bank, Together Money, Masthaven, Norton Home Loans, Equifinance, Evolution Money, Spring Finance, and Selina Finance.
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