Q3 2025
+21%
September 2025
11,793 debentures vs 9,346 in September 2024 - UK lending market intelligence.
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Market Summary
Year-over-year comparison of debentures registered in September 2025
| Category | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| High Street | 1,690 | 1,588 | 1,821 | 2,130 | +15% |
| Others | 759 | 680 | 763 | 871 | +12% |
| Challengers | 624 | 559 | 896 | 1,084 | +17% |
| ABL + Invoice Finance | 380 | 433 | 401 | 585 | +31% |
| SME Loan providers | 53 | 72 | 271 | 191 | -42% |
| Asset Finance | 62 | 63 | 63 | 68 | +7% |
| Large structured lenders | 60 | 36 | 31 | 29 | -7% |
| R&D Finance | 13 | 16 | 15 | 23 | +35% |
| Trade Finance | 7 | 8 | 10 | 32 | +69% |
| Other SME lending | 629 | 670 | 865 | 1,002 | +14% |
| Property specialists | 5,041 | 4,100 | 5,001 | 6,706 | +25% |
| Grand total | 8,743 | 7,597 | 9,346 | 11,793 | +21% |
2025 Year-to-Date
Cumulative debentures January to September 2025 vs same period 2024
| Category | 2024 YTD | 2025 YTD | YoY |
|---|---|---|---|
| High Street | 17,066 | 18,919 | +11% |
| Others | 6,705 | 7,745 | +16% |
| Challengers | 7,303 | 9,596 | +31% |
| ABL + Invoice Finance | 4,213 | 4,453 | +6% |
| SME Loan providers | 1,341 | 1,442 | +8% |
| Asset Finance | 551 | 561 | +2% |
| Large structured lenders | 415 | 398 | -4% |
| R&D Finance | 133 | 135 | +2% |
| Trade Finance | 75 | 198 | +164% |
| Government Supported lender | 581 | 463 | -20% |
| Other SME lending | 7,089 | 7,817 | +10% |
| Property specialists | 41,532 | 53,708 | +29% |
| Grand total | 81,512 | 97,785 | +20% |
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 | 386 | 305 | 468 | 532 | +12% |
| HSBC | 422 | 381 | 463 | 565 | +18% |
| Natwest | 405 | 401 | 414 | 455 | +9% |
| Lloyds Bank | 321 | 318 | 307 | 476 | +36% |
High Street IF
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lloyds Commercial Finance | 40 | 27 | 43 | 27 | -59% |
| RBS Invoice Finance | 32 | 54 | 28 | 41 | +32% |
| HSBC Invoice Finance | 31 | 23 | 24 | 34 | +29% |
Challenger banks
7 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Aldermore Bank | 245 | 219 | 424 | 571 | +26% |
| Shawbrook Bank | 285 | 190 | 284 | 281 | -1% |
| Allica Bank | 57 | 78 | 98 | 121 | +19% |
| Oaknorth | 20 | 29 | 31 | 51 | +39% |
| Atom bank | 10 | 27 | 39 | 32 | -22% |
| Oxbury Bank | 7 | 9 | 15 | 22 | +32% |
| GB Bank | - | 7 | 5 | 6 | +17% |
Other banks
41 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Handlesbanken | 97 | 80 | 97 | 94 | -3% |
| Metro Bank | 37 | 18 | 100 | 70 | -43% |
| Santander | 110 | 51 | 110 | 124 | +11% |
| United Trust Bank | 40 | 40 | 51 | 45 | -13% |
| Investec | 25 | 35 | 21 | 55 | +62% |
| Coutts | 50 | 29 | 24 | 29 | +17% |
| Virgin Money | 15 | 44 | 50 | 16 | -213% |
| Bank Trustees | 23 | 18 | 16 | 24 | +33% |
Property Specialist
40 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| The Mortgage Works | 893 | 583 | 830 | 1,175 | +29% |
| Together Commercial Finance | 295 | 368 | 512 | 699 | +27% |
| Paragon Bank | 434 | 442 | 443 | 471 | +6% |
| Kensington Mortgage Company | 173 | 85 | 200 | 437 | +54% |
| Onesavings Bank | 287 | 249 | 190 | 272 | +30% |
| Lendinvest | 85 | 70 | 166 | 290 | +43% |
| Fleet Mortgages | 218 | 224 | 228 | 288 | +21% |
| Paratus Amc | 285 | 95 | 242 | 238 | -2% |
ABL + Invoice Finance
25 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Close Brothers | 50 | 75 | 60 | 58 | -3% |
| Bibby Finance | 49 | 63 | 53 | 65 | +18% |
| Capital Commercial Finance | 53 | 51 | 36 | 50 | +28% |
| SYTE | 7 | 7 | 9 | 123 | +93% |
| Reward Finance Group | 4 | 23 | 24 | 26 | +8% |
| Time Finance | 14 | 15 | 18 | 11 | -64% |
| Skipton Business Finance | 11 | 17 | 14 | 20 | +30% |
| Apollo Business Finance | 8 | 14 | 20 | 22 | +9% |
Loan providers
3 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Bizcap | - | - | 121 | 69 | -75% |
| CubeFunder | 7 | 14 | 26 | 54 | +52% |
| Simply Funded | - | - | 1 | 10 | +90% |
Asset Finance
2 lenders
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| Lender | 2022 | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|---|
| Lombard | 12 | 10 | 12 | 9 | -33% |
| HSBC Asset / Equipment Finance | 12 | 8 | 7 | 10 | +30% |