The secured lending industry saw 54% more money lent in February 2014 than the previous year, the Secured Loan Index has revealed.
February 2014 is the 28th consecutive month of year-on-year growth in secured lending.
Although the rise monthly is just 0.12%, this is the healthiest February since 2009.
Matt Tristram, co-founder and director of Loans Warehouse & Clearly Loans, said: “February has to go down as a success”
He looked forward to the handover of second charge regulation from the OFT to the FCA in less than a month.
“I believe the change will be welcomed with open arms as it will take secured lending to the next level with the increased recognition that comes from FCA regulation.”
One negative, he commented, was the news that Firmus Secured Loans has put lending on hold for three months, making staff redundant in the process.
He said: “The abrupt halt in funding does not suggest a quick return for the lender launched last September.”
Lending in February totalled £47,442,060.