Dragonfly Property Finance says it has now redeemed over £200 million of loans since its launch in 2009.

Since its launch into bridging it has diversified into second charges, medium-term buy-to-let loans and development/mezzanine finance.

“For us to have passed £200 million of loan redemptions in such a short time period reflects not just the huge demand for short-term finance but the changing demographic of the people who are using it.

“For many borrowers, short- and medium-term finance has evolved from being the loan of last resort to their first port of call. With mainstream lenders still ultra-cautious, people have inevitably turned to alternative finance providers and it is a trend we expect to continue in the years ahead. The monopoly of the mainstream banks is no more.”