Q4 2025
+12%
November 2025
12,015 debentures vs 10,631 in November 2024 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in November 2025
| Category | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| High Street | 1,857 | 1,745 | 2,044 | 2,391 | +15% |
| Others | 774 | 736 | 924 | 828 | -12% |
| Challengers | 836 | 649 | 1,098 | 936 | -17% |
| ABL + Invoice Finance | 476 | 485 | 448 | 536 | +16% |
| SME Loan providers | 57 | 84 | 196 | 199 | +2% |
| Asset Finance | 83 | 107 | 51 | 84 | +39% |
| Large structured lenders | 34 | 23 | 50 | 45 | -11% |
| R&D Finance | 13 | 16 | 5 | 15 | +67% |
| Trade Finance | 16 | 13 | 30 | 16 | -88% |
| Government Supported lender | 46 | 63 | 105 | 60 | -75% |
| Other SME lending | 725 | 791 | 885 | 955 | +7% |
| Property specialists | 5,957 | 4,124 | 5,680 | 6,905 | +18% |
| Grand total | 10,149 | 8,045 | 10,631 | 12,015 | +12% |
2025 Year-to-Date
Cumulative debentures January to November 2025 vs same period 2024
| Category | 2024 YTD | 2025 YTD | YoY |
|---|---|---|---|
| High Street | 21,690 | 23,816 | +10% |
| Others | 8,776 | 9,583 | +9% |
| Challengers | 9,436 | 11,629 | +23% |
| ABL + Invoice Finance | 5,199 | 5,501 | +6% |
| SME Loan providers | 1,820 | 1,853 | +2% |
| Asset Finance | 674 | 720 | +7% |
| Large structured lenders | 572 | 455 | -20% |
| R&D Finance | 159 | 164 | +3% |
| Trade Finance | 128 | 241 | +88% |
| Government Supported lender | 774 | 592 | -24% |
| Other SME lending | 9,106 | 9,693 | +6% |
| Property specialists | 53,126 | 67,812 | +28% |
| Grand total | 103,951 | 122,533 | +18% |
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 | 370 | 618 | 606 | -2% |
| HSBC | 448 | 571 | 414 | 539 | +23% |
| Natwest | 450 | 334 | 431 | 434 | +1% |
| Lloyds Bank | 363 | 313 | 418 | 727 | +43% |
High Street IF
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lloyds Commercial Finance | 43 | 40 | 36 | 18 | -100% |
| HSBC Invoice Finance | 20 | 31 | 17 | 41 | +59% |
| RBS Invoice Finance | 18 | 19 | 30 | 26 | -15% |
Challenger banks
7 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Aldermore Bank | 335 | 256 | 536 | 450 | -19% |
| Shawbrook Bank | 335 | 219 | 277 | 263 | -5% |
| Allica Bank | 76 | 88 | 154 | 116 | -33% |
| Oaknorth | 70 | 46 | 72 | 33 | -118% |
| Atom bank | 15 | 21 | 38 | 42 | +10% |
| Oxbury Bank | 5 | 15 | 17 | 25 | +32% |
| GB Bank | - | 4 | 4 | 7 | +43% |
Other banks
41 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Handlesbanken | 82 | 79 | 107 | 131 | +18% |
| Metro Bank | 20 | 32 | 130 | 58 | -124% |
| Santander | 81 | 70 | 88 | 78 | -13% |
| Investec | 37 | 20 | 34 | 37 | +8% |
| United Trust Bank | 41 | 29 | 47 | 29 | -62% |
| Coutts | 37 | 34 | 44 | 28 | -57% |
| Virgin Money | 9 | 53 | 32 | 29 | -10% |
| Bank Trustees | 25 | 39 | 43 | 25 | -72% |
Property Specialist
40 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| The Mortgage Works | 1,109 | 444 | 894 | 1,167 | +23% |
| Together Commercial Finance | 357 | 430 | 576 | 680 | +15% |
| Paragon Bank | 561 | 372 | 467 | 403 | -16% |
| Kensington Mortgage Company | 157 | 64 | 252 | 501 | +50% |
| Onesavings Bank | 371 | 288 | 308 | 263 | -17% |
| Fleet Mortgages | 379 | 216 | 280 | 312 | +10% |
| Lendinvest | 117 | 100 | 178 | 259 | +31% |
| Paratus Amc | 266 | 106 | 221 | 285 | +22% |
ABL + Invoice Finance
25 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bibby Finance | 47 | 67 | 65 | 67 | +3% |
| Close Brothers | 60 | 59 | 70 | 81 | +14% |
| Capital Commercial Finance | 57 | 50 | 37 | 31 | -19% |
| SYTE | 4 | 4 | 13 | 23 | +43% |
| Reward Finance Group | 22 | 19 | 26 | 31 | +16% |
| Time Finance | 15 | 26 | 8 | 20 | +60% |
| Cynergy Business Finance | 28 | 25 | 9 | 23 | +61% |
| Apollo Business Finance | 12 | 17 | 15 | 21 | +29% |
Loan providers
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bizcap | - | - | 69 | 74 | +7% |
| CubeFunder | 3 | 19 | 35 | 57 | +39% |
| Simply Funded | - | - | 7 | 10 | +30% |
Asset Finance
2 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lombard | 15 | 9 | 9 | 19 | +53% |
| HSBC Asset / Equipment Finance | 11 | 4 | 4 | 7 | +43% |