Q1 2026
+2%
March 2026
12,388 debentures vs 12,197 in March 2025 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in March 2026
| Category | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| High Street | 1,830 | 2,021 | 2,161 | 2,637 | +476 | +22% |
| Others | 886 | 751 | 1,020 | 842 | -178 | -17% |
| Challengers | 570 | 841 | 1,172 | 1,187 | +15 | +1% |
| ABL + Invoice Finance | 488 | 503 | 525 | 400 | -125 | -24% |
| SME Loan providers | 72 | 92 | 164 | 221 | +57 | +35% |
| Asset Finance | 58 | 57 | 81 | 69 | -12 | -15% |
| Large structured lenders | 23 | 36 | 43 | 52 | +9 | +21% |
| R&D Finance | 27 | 16 | 11 | 8 | -3 | -27% |
| Trade Finance | 33 | 5 | 32 | 12 | -20 | -63% |
| Government Supported lender | 110 | 88 | 69 | 65 | -4 | -6% |
| Other SME lending | 811 | 797 | 925 | 827 | -98 | -11% |
| Property specialists | 4,248 | 4,374 | 6,919 | 6,895 | -24 | -0% |
| Grand total | 8,345 | 8,784 | 12,197 | 12,388 | +191 | +2% |
2026 Year-to-Date
Cumulative debentures January to March 2026 vs same period 2025
| Category | 2025 YTD | 2026 YTD | YoY |
|---|---|---|---|
| High Street | 5,469 | 6,790 | +24% |
| Others | 2,348 | 2,191 | -7% |
| Challengers | 3,123 | 2,997 | -4% |
| ABL + Invoice Finance | 1,349 | 1,249 | -7% |
| SME Loan providers | 458 | 607 | +33% |
| Large structured lenders | 159 | 148 | -7% |
| R&D Finance | 39 | 22 | -44% |
| Trade Finance | 67 | 50 | -25% |
| Government Supported lender | 187 | 173 | -7% |
| Other SME lending | 2,452 | 2,455 | +0% |
| Property specialists | 17,278 | 19,006 | +10% |
| Grand total | 30,670 | 33,439 | +9% |
Lender Cohorts
High Street BankHigh Street IFChallenger banksOther banksProperty SpecialistABL + Invoice FinanceLoan providersAsset Finance
High Street Bank
4 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Lloyds Bank | 331 | 356 | 512 | 910 | +398 | +78% |
| Barclays Bank | 422 | 350 | 561 | 606 | +45 | +8% |
| HSBC | 426 | 660 | 496 | 582 | +86 | +17% |
| Natwest | 445 | 507 | 468 | 451 | -17 | -4% |
High Street IF
3 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Lloyds Commercial Finance | 48 | 34 | 53 | 31 | -22 | -42% |
| RBS Invoice Finance | 63 | 27 | 50 | 35 | -15 | -30% |
| HSBC Invoice Finance | 24 | 22 | 21 | 22 | +1 | +5% |
Challenger banks
7 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Aldermore Bank | 126 | 468 | 696 | 634 | -62 | -9% |
| Shawbrook Bank | 280 | 214 | 265 | 273 | +8 | +3% |
| Allica Bank | 74 | 93 | 107 | 147 | +40 | +37% |
| Oaknorth | 66 | 25 | 47 | 48 | +1 | +2% |
| Oxbury Bank | 3 | 7 | 17 | 24 | +7 | +41% |
| GB Bank | 5 | 3 | 1 | 22 | +21 | +2100% |
| Atom bank | 29 | 72 | 87 | 114 | +27 | +31% |
Other banks
41 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Handlesbanken | 89 | 92 | 111 | 131 | +20 | +18% |
| Metro Bank | 55 | 20 | 133 | 65 | -68 | -51% |
| Investec | 43 | 39 | 47 | 96 | +49 | +104% |
| United Trust Bank | 53 | 22 | 52 | 35 | -17 | -33% |
| Santander | 135 | 64 | 117 | 44 | -73 | -62% |
| Virgin Money | 42 | 93 | 75 | 34 | -41 | -55% |
| Danske Bank | 26 | 26 | 27 | 39 | +12 | +44% |
| Coutts | 43 | 34 | 27 | 30 | +3 | +11% |
Property Specialist
40 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| The Mortgage Works | 668 | 715 | 1,300 | 1,039 | -261 | -20% |
| Together Commercial Finance | 395 | 499 | 566 | 733 | +167 | +30% |
| Kensington Mortgage Company | 61 | 70 | 443 | 425 | -18 | -4% |
| Paragon Bank | 426 | 416 | 453 | 382 | -71 | -16% |
| Fleet Mortgages | 274 | 195 | 325 | 284 | -41 | -13% |
| Onesavings Bank | 213 | 281 | 324 | 334 | +10 | +3% |
| Lendinvest | 110 | 174 | 277 | 358 | +81 | +29% |
| Paratus Amc | 124 | 115 | 260 | 267 | +7 | +3% |
ABL + Invoice Finance
24 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Bibby Finance | 72 | 95 | 74 | 71 | -3 | -4% |
| Close Brothers | 82 | 58 | 80 | 48 | -32 | -40% |
| Capital Commercial Finance | 41 | 45 | 29 | 46 | +17 | +59% |
| Apollo Business Finance | 18 | 9 | 18 | 23 | +5 | +28% |
| SYTE | 3 | 12 | 11 | 19 | +8 | +73% |
| Reward Finance Group | 28 | 29 | 33 | 27 | -6 | -18% |
| Team Factors | 11 | 9 | 14 | 13 | -1 | -7% |
| Novuna | 16 | 44 | 17 | 5 | -12 | -71% |
Loan providers
3 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Bizcap | - | - | 47 | 107 | +60 | +128% |
| CubeFunder | 8 | 26 | 43 | 39 | -4 | -9% |
| Simply Funded | - | 2 | 4 | 6 | +2 | +50% |
Asset Finance
2 lenders
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| Lender | 2023 | 2024 | 2025 | 2026 | Chg | YoY |
|---|---|---|---|---|---|---|
| Lombard | 11 | 10 | 9 | 11 | +2 | +22% |
| HSBC Asset / Equipment Finance | 4 | 4 | 7 | 10 | +3 | +43% |