Family Finance has confirmed that it has joined the Association of Short-Term Lenders (ASTL).

The lender was founded in 1953 by a consortium of local businesspeople in South Wales, providing finance for families in the area.

Now in its seventh decade of trading, the firm covers a wider demographic and geographical area, while now also providing finance for commercial customers.

Family Finance caters for more than 12,000 customers through South Wales, the West Country, the Midlands, and the north of England.

Family Finance chief operating officer, Rob Hopkins, said: “We are delighted to join the ASTL as the association has such a strong reputation for upholding high standards of lending, transparency and customer focus amongst short-term property lenders.

“Our philosophy at Family Finance is to always try to ensure good customer outcomes and this aligns with the ethos of the ASTL.”

Members of the ASTL are typically bridging or secured loan companies who provide short-term loans and mortgages, usually of between six months and a year.

Firms must abide by a code of conduct which requires them to disclose costs and fees up front with no small print or misrepresentation of product offerings, and also not charge non-refundable fees which could be perceived as being excessive.

CEO of the ASTL, Vic Jannels, added: “I’d like to welcome Family Finance as the latest lender to join the ASTL. We now have more than 40 lender members, representing the vast majority of recognisable brands in the short-term property lending market.

“This strong membership gives us greater influence as an association, helping us to promote the sector, engage with policy makers and uphold standards.”

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