The Association of Short Term Lenders (ASTL) has rebranded to the new name of the Bridging & Development Lenders Association (BDLA).

In a statement, the association said the rebrand will enable it to better serve the interests of its members and customers.

The ASTL was launched in 2008, going on to own bridging loan books of a record £8.1bn in the first quarter of 2024.

It currently boasts more than 40 associate members, adding that it has “big plans” to improve the way in which it reports on its markets and advance bridging and development lending.

The new brand, website and LinkedIn page will launch on Monday 24 June.

Chief executive officer at the BDLA, Vic Jannels, said: "Quite simply, rebranding to the BDLA enables us to better serve the interests of our members and their customers. After all, our members are bridging and development lenders and so it makes sense to reference this in our name.

"Another consideration is that much has changed since the launch of the ASTL, including the emergence of unsecured short-term, or payday, lending and subsequently ‘buy now, pay later’ schemes. Unlike secured short-term property loans, which can provide a solution for a wide variety of capital requirements and investment, unsecured short-term lending is not associated with property in the same way as mortgages and it makes sense to try and avoid any possible cross-over.

"Given the ever-growing significance and influence of our sector, we think this name change will clearly differentiate and avoid confusion. Our new name enables us to better represent our membership and the vital role we play in the property market."

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