West One Loans has revealed that it received 28 loan redemptions during October. They totalled almost £9 million.

It also said it has achieved almost £120 million of redemptions to date

“The bridging market has evolved significantly due to the limited options available on the high street and the fact we have almost reached £120 million of redemptions, with 28 loans redeemed in October alone, reflects things are starting to move in the right direction for borrowers with a well thought out exit plan,” said Duncan Kreeger, chairman of West One Loans.

“It’s really encouraging to see such a significant increase in the numbers of cases where a bridging loan continues to provide affordable options to investors looking to grow their property portfolios.

“The industry is in excellent shape and with more and more borrowers actively seeking out alternative funding providers to fill the void left by the mainstream banks; it is evident that bridging finance is now being viewed as an integral part of the lending mix.”