Together tops £1bn lending for first time

by: Carmen Reichman
  • 15/09/2016
  • 0
Together tops £1bn lending for first time
Specialist lender Together has reached annual gross lending of £1bn for the first time after it posted a 39.5% rise on the previous year.

The lender, which is the trading name of Jerrold Holdings, saw its loan book grow by £377.2m in the year ending June, to £1.8bn.

It posted a pre-tax profit of £90.3m in the period, representing a 20.8% increase on the previous year.

Together offers short-term finance, auction finance, residential and commercial mortgages and secured loans to niche markets.

In June, six days after the historic Brexit referendum, it sought to reassure brokers of its continuing “strong financial position” and “committed funding channels”.

At the results presentation in September group chairman Mike McTighe said: “These record results affirm the positive position the business is in. Trading has remained strong; both in terms of financial performance and new origination levels, with credit quality remaining robust. We have also made good progress against our strategic priorities in governance, including a number of key senior management appointments, IT and reporting.

“We believe we have a strong competitive advantage and are excited about the future. We are confident about the opportunities in the specialist finance sector and we have the financial capability to support our ambitious growth plans.”

Together, which prides itself on its “prudent and individual” approach to lending, posted a weighted average loan-to-value across the group of 52.6%.

The firm also confirmed its minority shareholder Equistone was intending to exit the business, and would leave the Moser family, the founders of the business, to increase their current majority interest to become the sole shareholder, alongside minor management stakes.

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