Specialist lender, Together, has announced that it has provided more than £103m in short-term commercial finance in just a month.

The firm’s latest figures showed that it provided more than 260 bridging loans worth £103.6m in April – a 17% increase on its previous record of £88m set in July 2021.

Together, which provides regulated and unregulated bridging finance as well as commercial and residential mortgages, has a loan book of more than £4.4bn.

A spokesman for the finance company said the record lending was in part because of a number of ‘larger loans’ worth £5m and above during the period, as well as an increased use of technology speeding up transactions.

Director of sales at Together, Sundeep Patel, commented: “The demand for short-term finance is continuing to soar across the industry, despite continued global uncertainties and financial pressures on individuals and businesses post-Covid. Our latest lending figures certainly reflect this.

“We’re finding that, while traditional lenders are tightening their criteria and scaling back from providing finance, the demand from potential clients such as SMEs, property developers, landlords and investors is growing more than ever, particularly for loans of £5m-plus.

“We have the largest ever loan book in our near 50-year history, rising application numbers, a strong pipeline for unregulated bridging products and, in addition, we’ve made technological advances, meaning that we can use AVMs for over 70% of our loans, meaning the process can be quicker and  cheaper for brokers’ clients.”

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