The Association of Short Term Lenders (ASTL) has almost doubled its membership since 2012, reported MortgageSolutions.co.uk in June 2017.
The ASTL is a trade body that represents short-term lenders in the bridging finance sector. In 2012, there were 36 members, and now there are 65. The growth is largely due to Benson Hersch, who took over as head of the ASTL in June 2012.
One of Hersch’s priorities since taking the role has been to change the image of the bridging finance sector, and it is now seen as a time-efficient and cost-effective finance option. Many large lenders do not provide bridging loans and this has created a gap that is filled by specialist short-term bridging lenders in an industry with a growing reputation.
Hersch summed up his five years as CEO of the ASTL by saying:
“What has happened in the last five years? To simply say ‘a lot’ is really an understatement. The ASTL continues to grow and has fostered professionalism and responsible lending in the bridging finance sector. We have also introduced a tougher Code of Conduct providing for increased transparency and TCF [Treating Customers Fairly].”
He said that thanks to the members and the ASTL committee, the profile of bridging finance has improved. He described his time at the ASTL as “varied and rewarding.”
When dealing with members of the ASTL that provide bridging loans for their clients, brokers can be sure that borrowers will be protected by the organisation’s code of conduct.