Crystal Mortgages has repaired a 13% increase in loan applications during the third quarter of the year.

The Walsall-based independent commercial mortgage finance bridging loan specialist also10% saw fundings up compared to the same period last year.

The firm received £70 million in new business applications, with £64 million of terms issued from July 1 to September 30, 2011.

For the first six months of the year the business issued terms on over £69 million and £62 million worth of business in quarters one and two respectively, with completions up substantially in both periods.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “The Purchase Managers Index is above 50 at 51.1