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Aldermore’s total residential lending tops £1.3bn

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  • 31/07/2013
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Aldermore’s total residential lending tops £1.3bn
Aldemore has lent a total of £1.32bn in residential mortgages since launch in 2009 following £361m of gross mortgage lending in the first half of the year.

Total lending on commercial mortgages and property development reached £658m at the end of June with £104m completed in the first half of 2013, its interim results have revealed.

The bank reported that it had drawn down £485m from the Funding for Lending Scheme since its launch in August 2012, although just £10m of this total had been drawn in the last six months. Aldermore has been the ninth biggest user of the Bank of England programme.

The lender started to offer its products in Scotland for the first time at the start of June and had already made six mortgage offers by the end of its first month. It added that 99 decisions in principle had also been given, totalling over £10m.

Aldermore posted its first ever profit for the year 2012 and had continued to operate in the black, posting an operating profit of £9.2m for the first half of 2013.

“I am delighted with our 2013 half year performance as it shows not only our rapid growth but that we’ve built scale and are now seeing momentum.

“In the first half of the year our operating profit reached £9.2m, significantly ahead of what we’ve achieved in previous years, driven by good momentum across the businesses and in particular residential mortgages and asset finance,” Phillip Monks, chief executive officer, said.

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