Shawbrook Bank, has become the latest member of the Association of Short Term Lenders (ASTL).

This takes the membership to 34, alongside 23 associate members.

The challenger bank offers asset finance, savings accounts, mortgages and loans was founded in 2011. It now has five lending divisions consisting of commercial mortgages, asset finance, secured lending, business credit and consumer lending.  It launched into regulated bridging in October last year.

Karen Bennett, sales and marketing director at Shawbrook, said: “We entered the short term market shortly after our launch five years ago.  In that time we have seen the ASTL go from strength to strength working hard to raise standards in the bridging industry, and we were delighted to see the addition of the MCOB inducement rules to the Code of Conduct in 2015.

“It is testament to their success that we are now happy to join the organisation, confident that we will be meeting with a number of like-minded lenders working together to raise the profile of the sector and the valuable role that it plays in today’s lending market.”

Benson Hersch, chief executive of the ASTL, added: “Shawbrook has an excellent reputation in the bridging industry.  It has stood out as a genuine challenger bank, not only in bridging but increasingly in more mainstream areas of lending too and we are very pleased to welcome them as a member.

“Similarly to the ASTL, Shawbrook understands the importance of building strong relationships with brokers, clients and other business partners while ensuring the highest industry standards are adhered to. Shawbrook’s industry knowledge and experience will make them a welcome addition to the ASTL and will contribute to the association’s growing diversity.”