The digital challenger bank’s balance sheet came to £3.1bn in May last year, and following its rapid expansion, it now plans to open a fourth office in Manchester.
This will be in addition to Chetwood Bank’s offices in London, Fleet and Wrexham.
Chetwood Bank put its fast growth down to its specialist mortgage business through ModaMortgages and CHL Mortgages for Intermediaries, as well as flow-forward arrangements.
Earlier this year, it combined the sales operations of ModaMortgages and CHL Mortgages for Intermediaries to offer brokers more “comprehensive support”.
It has a £2bn investment portfolio and senior positions in warehouse financing facilities that support UK consumer and SME lenders.
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Paul Noble (pictured), CEO of Chetwood Bank, said: “The speed with which we’ve crossed the £5bn mark shows that our straightforward approach to savings and mortgages is resonating with customers and brokers alike.
“By pairing specialist lending expertise with a disciplined treasury strategy, we’ve built a resilient, diversified balance sheet that sets us up for sustainable profitability – and we’re still building momentum.”
