What do people in the UK call 'bridging'?
A recent survey aimed at better understanding borrowers in the bridging market sector, surveyed 601 people in the UK who use finance to understand how they refer to bridging.
|What do people in the UK call 'bridging'?
Source: Finbri Survey June 2022
The term "bridging" when used in relation to finance encompasses a diverse range of applications, spanning from property acquisitions and addressing a chain break to acquiring land, securing immediate funds for business needs, and supporting property development. The interpretation of "bridging" varies among individuals, and the terminology they employ to describe this rapid and highly adaptable source of funds may differ from country to country.
The survey of 601 people in the UK was screened to the those who had utilised credit or a loan in the 12 months to June 2022 and asked them how they typically refer to 'bridging'. It discovered the most popular term for 'bridging' in the UK is 'bridging loan' with 48% of people using it as their preferential term - more than double that of the next most popular terms 'Bridge Loan' or the 'Bridging Finance'.
Awareness and demand for bridging has grown significantly, reaching over 22,000 aggregated searches* for the top 'bridging' terms in the UK every month - a 50% YoY increase.
*Source: Google 29.06.2022