The Association of Short Term Lenders (ASTL) is rebranding to become the Bridging & Development Lenders Association (BDLA).

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

Vic Jannels, CEO of the BDLA, said: “Quite simply, rebranding to The Bridging & Development Lenders Association (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.

“The ASTL originally launched in 2008 – a time when the bridging and development market looked very different to the one that we know today. We have come a long way in developing the size, reputation and influence of our sector since then. At the end of the first quarter of this year, for example, the bridging loan books of our members reached a new high of £8.1 billion.

“Last year, we also launched the Certified Practitioner in Specialist Property Finance (CPSP), following a joint initiative with the Financial Intermediary & Broker Association (FIBA) and the London Institute of Banking & Finance (LIBF), and this represents a major stepping stone in continuing to enhance standards, increase professionalism and advance the reputation of the specialist finance sector.

“Our membership is now growing towards 50 lenders members, and we currently have more than 40 associate members. We have big plans to improve the way we report on our market and continue to advance bridging and development lending, championing our sector amongst brokers, customers, policymakers and regulators. Rebranding to the BDLA gives us a strong foundation from which to do this.

“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.”