The lender, established in 2009, lent £740m in the last year compared to £537m in the previous 12 months, a rise of 38%. This means Aldermore has completed £1.68bn in mortgage lending since its launch.
During 2013 Aldermore entered the Scottish market for the first time, offering its full residential and buy-to-let range to borrowers in the nation.
The bank said it had assembled a team experienced underwriters and had made investment into its staff and systems.
It also completed the acquisition of a £125m portfolio of residential mortgages, the annual results showed. In addition, Aldermore joined the government’s Help to Buy mortgage guarantee scheme at the end of the year.
Business lending to SME commercial mortgage customers also showed strong growth, rising 26% to reach £292m. In total, Aldermore has lent £765m to commercial customers since entering the sector.
Across the whole bank operating profits before tax rose to £22.4m, up dramatically on the £1.5m recorded in the previous year. It has completed gross lending of £3.4bn across all sectors since its establishment.
“Aldermore targets poorly served homeowners, would-be homeowners and investors in the residential property market where we have demonstrated our ability to generate attractive returns within our credit appetite,” chief executive officer Phillip Monks said.
“We were pleased to be amongst the first lenders to support the government’s Help to Buy initiative, aimed at providing improved access to mortgage finance for customers with a lower deposit. During the year we also expanded into the Scottish housing market, and continued to develop our broker and direct to consumer channels.”
