Hampshire lending levels up 75% as new business booms

by: Carmen Reichman
  • 04/08/2016
  • 0
Hampshire lending levels up 75% as new business booms
Hampshire Trust Bank has seen its lending levels increase 75% in the first half of the year, saying it was particularly 'encouraged by the early signs of success' delivered by its new bridging and buy-to-let business.

Hampshire’s loans reached £311m in H1 this year, up from £178m on the same period last year, while overall assets increased 60% to £389m.

The lender provides asset and property finance and commercial mortgages to UK businesses and recently launched a range of bridging, buy-to-let and commercial mortgages.

It said its new products had been ‘been extremely well received by the market’ and meant the company was ahead of its original plan for completions.

The firm would not break down its latest results by individual business lines but said it achieved a pre-tax profit of £1.3m in the first six months of the year and its overall customer base had increased by a third to 10,000. It also provides savings accounts for consumers.

The lender said it was currently financing the construction of about 850 residential units for UK housebuilders and the vehicles and equipment for 3,800 small businesses.

It added, its commercial mortgages business had a further ‘strong pipeline of deals’ in the works.

Chief executive Mark Sismey-Durrant said: “Earlier this year, we diversified into the bridging, professional landlord and commercial mortgage markets and have been encouraged by the early signs of success.

“Our focus as a specialist bank is on bringing our expertise and service to help finance the SME market that drives our economy. We have established our business franchise, successfully transitioned into profit and view our future growth prospects with confidence.

“We are delighted with our financial performance in the first six months of 2016 and expect to continue on this strong growth trajectory during the second half of the year.”

Commercial mortgages director Colin Bell added: “We believe that our focus on service and delivery sets us apart from the crowd. As a former mortgage broker myself, I recognise how important speed and efficiency are in this sector.”

 

 

 

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