The Association of Short Term Lenders has rebranded to become the Bridging and Development Lenders’ Association.
The UK secured lenders’ trade group said the new organisational identity better represents the members that it serves.
“Our members are bridging and development lenders and so it makes sense to reference this in our name,” Vic Jannels, chief executive officer of the newly-rebranded BDLA, said in a statement.
“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.”
The BDLA said the bridging loan books of its members reached a new milestone in the first quarter of this year, topping £8.1 billion, with that figure excluding the assets of one member whose figures are yet to be incorporated into the quarterly calculations.
“Our membership is now growing towards 50 lenders members, and we currently have more than 40 associate members,” Jannels added.
“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.”