Redwood Bank nearly doubled its new lending in 2024, reporting £136m, up from £75m in 2023.
The business bank published the figures in its annual report, which showed a profit before tax of £2.7m.
Redwood’s loan book grew by 18.1% to £492m, compared to £414m last year.
Total assets increased by £36m to £635m, and deposits rose by £53m to £553m.
Gary Wilkinson (pictured), CEO and co-founder, said: “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 £136 million, 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.”
Mark Winlow, chairman at Redwood, said: “We’ve demonstrated a depth of experience in property lending, and have further enhanced 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.”
