The secured loan sector has experienced its best month of lending since May 2008 with a total of £43,780,000 lent last month, the latest Secured Loan Index has revealed.
In May the market grew by 4.80% month on month as the sector reported growth for the 19th consecutive month.
Individually five lenders recorded record months in April 2013.
Matt Tristram, director of Loans Warehouse, said: “The accurate figures shown in the Secured Loan Index prove that lending continues to grow for this sector. This is in part due to the wider audience the industry is attracting.”
“It’s well documented that lenders like Shawbrook, Nemo & Prestige Finance have greatly increased their maximum loan sizes in recent months to attract high net worth borrowers.
“The significant growth of the buy-to-let secured loan continues to gather pace and it’s reasons like this, along with record low rates, that have seen greater media coverage for the sector.
“Lenders continue to announce new funding lines with Equifinance & Evolution the most recent, house prices continue to grow albeit modestly with the Nationwide House Price Index stating the price of a typical home increased by 0.4% in May and was 1.1% higher than May 2012.
“These are just some of the factors which suggest a positive outlook for secured lending for the foreseeable future.”