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PCF bridging venture hits £14m in originations

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  • 24/10/2019
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PCF bridging venture hits £14m in originations
PCF believes its bridging venture has got off to a good start, hitting £14m of originations this year.

 

The announcement came in the bank’s trading update released today, and represents nine months of activity.

Overall new business originations at the firm were up by 51 per cent on last year at £223m, with three quarters falling within the prime credit grades.

Its lending portfolio is now worth £338m, with PCF stating that its increased lending to the prime sector has been made possible by the reduced cost of funding it enjoys as a result of its banking licence.

Scott Maybury (pictured), chief executive of PCF, said the strategy to diversify its asset classes and income streams had proven a “great success” and was playing an important role in growing its lending portfolio.

He continued: “While there may well be some tightening of the economic cycle over the next 12 to 24 months, given the small market share we currently enjoy, we remain confident that we can continue to grow as planned while maintaining our prudent appetite for risk.”

 

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