Q4 2025
+7%
October 2025
12,733 debentures vs 11,808 in October 2024 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in October 2025
| Category | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| High Street | 1,847 | 1,741 | 2,580 | 2,506 | -3% |
| Others | 770 | 729 | 1,147 | 1,010 | -14% |
| Challengers | 767 | 629 | 1,035 | 1,097 | +6% |
| ABL + Invoice Finance | 389 | 435 | 538 | 512 | -5% |
| SME Loan providers | 63 | 66 | 283 | 212 | -33% |
| Asset Finance | 59 | 61 | 72 | 75 | +4% |
| Large structured lenders | 59 | 74 | 107 | 12 | -792% |
| R&D Finance | 19 | 20 | 21 | 14 | -50% |
| Trade Finance | 8 | 22 | 23 | 27 | +15% |
| Government Supported lender | 65 | 44 | 88 | 69 | -28% |
| Other SME lending | 662 | 722 | 1,132 | 921 | -23% |
| Property specialists | 5,550 | 4,318 | 5,914 | 7,199 | +18% |
| Grand total | 9,596 | 8,139 | 11,808 | 12,733 | +7% |
2025 Year-to-Date
Cumulative debentures January to October 2025 vs same period 2024
| Category | 2024 YTD | 2025 YTD | YoY |
|---|---|---|---|
| High Street | 19,646 | 21,425 | +9% |
| Others | 7,852 | 8,755 | +12% |
| Challengers | 8,338 | 10,693 | +28% |
| ABL + Invoice Finance | 4,751 | 4,965 | +5% |
| SME Loan providers | 1,624 | 1,654 | +2% |
| Asset Finance | 623 | 636 | +2% |
| Large structured lenders | 522 | 410 | -21% |
| R&D Finance | 154 | 149 | -3% |
| Trade Finance | 98 | 225 | +130% |
| Government Supported lender | 669 | 532 | -20% |
| Other SME lending | 8,221 | 8,738 | +6% |
| Property specialists | 47,446 | 60,907 | +28% |
| Grand total | 93,320 | 110,518 | +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 | 369 | 369 | 680 | 655 | -4% |
| HSBC | 374 | 426 | 590 | 573 | -3% |
| Natwest | 542 | 410 | 576 | 562 | -2% |
| Lloyds Bank | 382 | 349 | 453 | 626 | +28% |
High Street IF
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lloyds Commercial Finance | 37 | 49 | 70 | 29 | -141% |
| RBS Invoice Finance | 41 | 38 | 112 | 33 | -239% |
| HSBC Invoice Finance | 31 | 24 | 14 | 28 | +50% |
Challenger banks
7 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Aldermore Bank | 284 | 233 | 507 | 576 | +12% |
| Shawbrook Bank | 332 | 223 | 251 | 304 | +17% |
| Allica Bank | 78 | 70 | 154 | 128 | -20% |
| Oaknorth | 29 | 55 | 52 | 30 | -73% |
| Atom bank | 24 | 29 | 39 | 26 | -50% |
| Oxbury Bank | 20 | 13 | 22 | 26 | +15% |
| GB Bank | - | 6 | 10 | 7 | -43% |
Other banks
41 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Handlesbanken | 94 | 100 | 145 | 141 | -3% |
| Metro Bank | 32 | 14 | 142 | 105 | -35% |
| Santander | 67 | 86 | 96 | 73 | -32% |
| Investec | 43 | 22 | 100 | 64 | -56% |
| United Trust Bank | 40 | 41 | 83 | 29 | -186% |
| Coutts | 22 | 35 | 44 | 55 | +20% |
| Virgin Money | 8 | 45 | 64 | 38 | -68% |
| Bank Trustees | 30 | 29 | 22 | 39 | +44% |
Property Specialist
40 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| The Mortgage Works | 1,017 | 545 | 969 | 1,252 | +23% |
| Together Commercial Finance | 375 | 414 | 624 | 727 | +14% |
| Paragon Bank | 480 | 384 | 519 | 511 | -2% |
| Kensington Mortgage Company | 164 | 65 | 299 | 554 | +46% |
| Onesavings Bank | 366 | 292 | 261 | 223 | -17% |
| Fleet Mortgages | 309 | 258 | 272 | 306 | +11% |
| Lendinvest | 92 | 74 | 165 | 270 | +39% |
| Paratus Amc | 239 | 109 | 252 | 248 | -2% |
ABL + Invoice Finance
25 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bibby Finance | 47 | 57 | 70 | 87 | +20% |
| Close Brothers | 56 | 77 | 76 | 47 | -62% |
| Capital Commercial Finance | 27 | 36 | 35 | 41 | +15% |
| SYTE | 6 | 8 | 11 | 24 | +54% |
| Reward Finance Group | 17 | 15 | 22 | 20 | -10% |
| Time Finance | 11 | 7 | 8 | 18 | +56% |
| Apollo Business Finance | 9 | 18 | 12 | 19 | +37% |
| Skipton Business Finance | 17 | 21 | 26 | 5 | -420% |
Loan providers
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bizcap | - | - | 107 | 76 | -41% |
| CubeFunder | 14 | 12 | 38 | 58 | +34% |
| Simply Funded | - | - | 1 | 9 | +89% |
Asset Finance
2 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lombard | 11 | 11 | 13 | 17 | +24% |
| HSBC Asset / Equipment Finance | 13 | 3 | 9 | 5 | -80% |