Q1 2025
+27%
March 2025
12,197 debentures vs 8,856 in March 2024 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in March 2025
| Category | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| High Street | 2,401 | 1,830 | 2,021 | 2,259 | +11% |
| Others | 961 | 886 | 751 | 1,020 | +26% |
| Challengers | 629 | 570 | 841 | 1,172 | +28% |
| ABL + Invoice Finance | 485 | 488 | 503 | 525 | +4% |
| SME Loan providers | 36 | 72 | 92 | 164 | +44% |
| Asset Finance | 63 | 58 | 57 | 81 | +30% |
| Large structured lenders | 47 | 23 | 36 | 43 | +16% |
| R&D Finance | 7 | 27 | 16 | 11 | -45% |
| Trade Finance | 12 | 33 | 5 | 32 | +84% |
| Government Supported lender | 76 | 110 | 88 | 73 | -21% |
| Other SME lending | 520 | 577 | 765 | 929 | +18% |
| Property specialists | 5,475 | 4,248 | 4,374 | 6,817 | +36% |
| Grand total | 9,494 | 7,995 | 8,856 | 12,197 | +27% |
2025 Year-to-Date
Cumulative debentures January to March 2025 vs same period 2024
| Category | 2024 YTD | 2025 YTD | YoY |
|---|---|---|---|
| High Street | 5,629 | 5,729 | +2% |
| Others | 2,104 | 2,348 | +12% |
| Challengers | 2,303 | 3,123 | +36% |
| ABL + Invoice Finance | 1,395 | 1,363 | -2% |
| SME Loan providers | 259 | 458 | +77% |
| Asset Finance | 181 | 193 | +7% |
| Large structured lenders | 101 | 145 | +44% |
| R&D Finance | 44 | 39 | -11% |
| Trade Finance | 27 | 67 | +148% |
| Government Supported lender | 202 | 196 | -3% |
| Other SME lending | 2,295 | 2,461 | +7% |
| Property specialists | 11,667 | 17,009 | +46% |
| Grand total | 25,113 | 30,670 | +22% |
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 | 483 | 422 | 350 | 561 | +38% |
| Natwest | 609 | 445 | 507 | 566 | +10% |
| Lloyds Bank | 540 | 331 | 356 | 512 | +30% |
| HSBC | 598 | 426 | 660 | 496 | -33% |
High Street IF
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lloyds Commercial Finance | 36 | 48 | 34 | 53 | +36% |
| RBS Invoice Finance | 27 | 63 | 27 | 50 | +46% |
| HSBC Invoice Finance | 31 | 24 | 22 | 21 | -5% |
Challenger banks
7 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Aldermore Bank | 217 | 126 | 468 | 696 | +33% |
| Shawbrook Bank | 275 | 280 | 214 | 265 | +19% |
| Allica Bank | 67 | 74 | 93 | 107 | +13% |
| Oaknorth | 49 | 66 | 25 | 47 | +47% |
| Atom bank | 12 | 16 | 31 | 39 | +21% |
| Oxbury Bank | 9 | 3 | 7 | 17 | +59% |
| GB Bank | - | 5 | 3 | 1 | -200% |
Other banks
41 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Metro Bank | 39 | 55 | 20 | 133 | +85% |
| Handlesbanken | 121 | 89 | 92 | 111 | +17% |
| Santander | 156 | 135 | 64 | 117 | +45% |
| Virgin Money | - | 42 | 93 | 75 | -24% |
| United Trust Bank | 33 | 53 | 22 | 52 | +58% |
| Coutts | 33 | 43 | 34 | 27 | -26% |
| Investec | 61 | 43 | 39 | 47 | +17% |
| Danske Bank | 29 | 26 | 26 | 27 | +4% |
Property Specialist
40 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| The Mortgage Works | 843 | 668 | 715 | 1,300 | +45% |
| Together Commercial Finance | 394 | 395 | 499 | 566 | +12% |
| Paragon Bank | 532 | 426 | 416 | 453 | +8% |
| Kensington Mortgage Company | 255 | 61 | 70 | 443 | +84% |
| Onesavings Bank | 194 | 213 | 281 | 324 | +13% |
| Fleet Mortgages | 177 | 274 | 195 | 325 | +40% |
| Lendinvest | 216 | 110 | 174 | 277 | +37% |
| Paratus Amc | 455 | 124 | 115 | 260 | +56% |
ABL + Invoice Finance
24 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Close Brothers | 75 | 82 | 58 | 80 | +28% |
| Bibby Finance | 79 | 72 | 95 | 74 | -28% |
| Capital Commercial Finance | 53 | 41 | 45 | 29 | -55% |
| Skipton Business Finance | 17 | 28 | 14 | 28 | +50% |
| Reward Finance Group | - | 28 | 29 | 33 | +12% |
| Time Finance | 13 | 11 | 5 | 9 | +44% |
| Optimum SME Finance | 7 | 8 | 11 | 17 | +35% |
| Zodeq | 1 | 7 | 25 | 20 | -25% |
Loan providers
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bizcap | - | - | - | 47 | +100% |
| CubeFunder | 6 | 8 | 26 | 43 | +40% |
| Simply Funded | - | - | 2 | 4 | +50% |
Asset Finance
2 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lombard | 13 | 11 | 10 | 9 | -11% |
| HSBC Asset / Equipment Finance | 10 | 4 | 4 | 7 | +43% |