Atom bank has passed over £1bn in commercial mortgage completions, following its strongest ever financial results published last week.
Operating profit grew to £27m, a 600% increase on last year, with costs up just 4%.
The bank saw a significant growth in commercial mortgages, ending the year with balances of more than £600m, an increase of 19% on the previous year.
Atom bank has been one of the biggest participants in the Recovery Loan Scheme (RLS), launched in the aftermath of the pandemic.
The bank provided funding of over £235m through the scheme, while it was also a proud participant in its predecessor, the Coronavirus Business Interruption Loan Scheme (CBILS).
In addition, it recently reduced the interest rates on a raft of commercial mortgage products by up to 0.33%, including cuts of as much as 0.25% on large commercial mortgages.
In addition, the maximum loan-to-value (LTV) available on large commercial mortgages has also been increased following feedback from brokers, so that mortgages of up to £5m can now be obtained at up to 75% LTV against the market valuation
Tom Renwick, head of business lending at Atom bank, added: “Hitting the £1bn milestone serves as a moment for reflection and represents an opportune moment to look back on how far we’ve come as a business.
“We know what it’s like to start a business, we’ve been there and done it, so we are fiercely passionate about helping SMEs wherever they are on their journey.
“In the eight years since Atom bank launched, we have sought to do the right thing by brokers and their clients by taking on board their feedback, which has been invaluable in improving and building our presence in the market.”
He added: “Over the last 12 months in particular we have had a laser focus on automating and digitising the process where possible, delivering a faster and smoother experience, and we have seen huge improvements which we know have been valued.
“We will celebrate this milestone and want to thank our intermediary partners for their support over the years.
“Looking ahead, we are determined to keep innovating and identifying ways in which we can deliver even greater levels of support to the nation’s SMEs, so watch this space.”
