Q4 2025
+22%
December 2025
14,208 debentures vs 11,086 in December 2024 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in December 2025
| Category | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| High Street | 1,670 | 1,852 | 1,941 | 2,968 | +35% |
| Others | 841 | 814 | 1,047 | 1,193 | +12% |
| Challengers | 791 | 779 | 1,182 | 1,166 | -1% |
| ABL + Invoice Finance | 430 | 457 | 489 | 498 | +2% |
| SME Loan providers | 45 | 78 | 182 | 166 | -10% |
| Asset Finance | 58 | 89 | 69 | 77 | +10% |
| Large structured lenders | 60 | 57 | 51 | 70 | +27% |
| R&D Finance | 21 | 23 | 9 | 4 | -125% |
| Trade Finance | 9 | 11 | 25 | 19 | -32% |
| Government Supported lender | 76 | 76 | 85 | 76 | -12% |
| Property specialists | 5,334 | 4,202 | 6,006 | 7,971 | +25% |
| Grand total | 9,335 | 8,438 | 11,086 | 14,208 | +22% |
2025 Year-to-Date
Cumulative debentures January to December 2025 vs same period 2024
| Category | 2024 YTD | 2025 YTD | YoY |
|---|---|---|---|
| High Street | 23,631 | 26,784 | +13% |
| Others | 9,823 | 10,776 | +10% |
| Challengers | 10,618 | 12,795 | +21% |
| ABL + Invoice Finance | 5,688 | 5,999 | +5% |
| SME Loan providers | 2,002 | 2,019 | +1% |
| Asset Finance | 743 | 797 | +7% |
| Large structured lenders | 623 | 525 | -16% |
| R&D Finance | 168 | 168 | +0% |
| Trade Finance | 153 | 260 | +70% |
| Government Supported lender | 859 | 668 | -22% |
| Other SME lending | 9,106 | 9,693 | +6% |
| Property specialists | 59,132 | 75,783 | +28% |
| Grand total | 115,037 | 136,741 | +19% |
Lender Cohorts
High Street BankHigh Street IFChallenger banksOther banksProperty SpecialistABL + Invoice FinanceLoan providersAsset Finance
High Street Bank
4 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Barclays Bank | 432 | 365 | 530 | 686 | +23% |
| HSBC | 357 | 582 | 473 | 707 | +33% |
| Lloyds Bank | 368 | 354 | 393 | 846 | +54% |
| Natwest | 357 | 408 | 396 | 579 | +32% |
High Street IF
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| RBS Invoice Finance | 15 | 23 | 9 | 112 | +92% |
| Lloyds Commercial Finance | 34 | 29 | 30 | 13 | -131% |
| HSBC Invoice Finance | 15 | 11 | 18 | 25 | +28% |
Challenger banks
7 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Aldermore Bank | 316 | 320 | 638 | 546 | -17% |
| Shawbrook Bank | 323 | 233 | 260 | 308 | +16% |
| Allica Bank | 98 | 123 | 152 | 172 | +12% |
| Oaknorth | 27 | 57 | 45 | 41 | -10% |
| Atom bank | 20 | 29 | 54 | 56 | +4% |
| Oxbury Bank | 7 | 14 | 21 | 30 | +30% |
| GB Bank | - | 3 | 12 | 13 | +8% |
Other banks
41 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Handlesbanken | 84 | 101 | 113 | 151 | +25% |
| Metro Bank | 27 | 39 | 104 | 105 | +1% |
| Santander | 92 | 79 | 88 | 82 | -7% |
| Investec | 57 | 85 | 89 | 94 | +5% |
| United Trust Bank | 44 | 28 | 74 | 63 | -17% |
| Coutts | 32 | 17 | 47 | 45 | -4% |
| Virgin Money | 16 | 69 | 57 | 29 | -97% |
| Bank Trustees | 24 | 17 | 19 | 34 | +44% |
Property Specialist
40 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| The Mortgage Works | 820 | 486 | 953 | 1,127 | +15% |
| Together Commercial Finance | 328 | 455 | 638 | 769 | +17% |
| Paragon Bank | 664 | 330 | 543 | 478 | -14% |
| Kensington Mortgage Company | 113 | 88 | 240 | 569 | +58% |
| Fleet Mortgages | 267 | 190 | 243 | 330 | +26% |
| Onesavings Bank | 329 | 280 | 272 | 286 | +5% |
| Lendinvest | 104 | 105 | 206 | 324 | +36% |
| Paratus Amc | 265 | 99 | 269 | 345 | +22% |
ABL + Invoice Finance
25 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bibby Finance | 42 | 56 | 52 | 67 | +22% |
| Close Brothers | 85 | 81 | 83 | 46 | -80% |
| Capital Commercial Finance | 35 | 29 | 41 | 43 | +5% |
| SYTE | 3 | 6 | 2 | 21 | +90% |
| Reward Finance Group | 20 | 34 | 37 | 29 | -28% |
| Time Finance | 15 | 15 | 16 | 22 | +27% |
| Apollo Business Finance | 8 | 10 | 16 | 27 | +41% |
| Cynergy Business Finance | 19 | 13 | 28 | 24 | -17% |
Loan providers
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| CubeFunder | 3 | 18 | 32 | 26 | -23% |
| Simply Funded | - | - | 2 | 8 | +75% |
| Bizcap | - | - | 608 | 621 | +2% |
Asset Finance
2 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lombard | 11 | 15 | 14 | 12 | -17% |
| HSBC Asset / Equipment Finance | 7 | 7 | 6 | 11 | +45% |