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OneSavings Bank lending up by over a quarter

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  • 27/08/2014
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OneSavings Bank lending up by over a quarter
OneSavings Bank residential lending rose 26% in the first half of the year as the bank took advantage of a post-MMR slowdown at other lenders.

During the first half of 2014 OneSavings Bank, which owns the Kent Reliance, InterBay Commercial and Prestige Finance brands, increased its residential lending to £130m. This is a 26% increase on the first six months of 2013, when new lending totalled £103m.

The lender said this was driven by strong growth in first charge residential lending, largely in London and the South East, through the Kent Reliance brand as well as in second charge loans through Prestige.

The bank said the rise in lending was also due to other lenders being disrupted following the introduction of the Mortgage Market Review, OneSavings Bank said its intermediary-only, manually underwritten processes meant it was less affected by the new rules than rivals.

Kent Reliance, InterBay Commercial and Prestige Finance all achieved record new lending in the first half, the bank’s interim statement added.

Overall the group’s underlying profit before tax increased fourfold to £29.7m while its IPO in June raised £41.5m, generating £35.8m of new capital to support the business.

“Our strategy is being delivered well in all areas. It is our goal to be a leading UK specialist lender in our chosen sub-sectors,” chief executive Andy Golding said.

“Kent Reliance, InterBay Commercial and Prestige Finance all had record new lending in the first half and continue to demonstrate the important strengths in risk assessment and loan management through diligent underwriting and intermediary distribution.”

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