Redwood announces a near doubling of growth in new lending in 2024
A specialist business bank which has supported SMEs and landlords with more than £760m of mortgage lending since it launched, has announced new lending growth of nearly double, and continued profitability in 2024.
Award-winning Redwood Bank made the announcement in its newly published 2024 Annual Report and Accounts which reported new lending of £136m, almost doubling the 2023 performance of £75m. The value of Redwood’s loan book rose by 18.1%, from £414m in 2023 to £492 m last year.
Redwood chairman Mark Winlow said: “We’ve demonstrated a depth of experience in property lending, and have enhanced further our savings franchise, with a focus on SMEs, clubs, charities and associations.
“Looking ahead Redwood remains committed to serving the needs of all its customers, building relationships with its borrowers, both business owners and property investors, principally through a broker network, manually underwriting all lending, investing in technology to improve our processes, and delivering an excellent customer experience.”
Mr Winlow said Redwood was well positioned to take advantage of new capital-raising initiatives that will enable it to develop and grow scale at a faster pace.
Redwood’s Annual Report also revealed the Bank made a profit before tax of £2.7m and saw its total assets increase by £36m to £635m and its deposit base increased by £53m to £553m.
Redwood CEO and co-founder Gary Wilkinson added: “We provide a bespoke service for lending customers, alongside quick, easy and efficient account opening and servicing for savings customers, making it straightforward and easy to do business with us. Every customer can talk to one of our team based exclusively in the UK.
“As well as delivering new lending of £136m, which was mainly attributable to the growth of our fixed rate residential mortgages, we also made numerous product enhancements including, most notably, the embedding of our Green Reward mortgage proposition and alternative fee products.”