Allica Bank completes £500m of asset finance lending

The lender launched its asset finance division in January 2021, and it said the number of loans issued in the last 12 months was nearly double the number Allica Bank lent in the previous two years combined. 

Allica Bank said it was receiving an average of more than 750 applications for asset finance every month, attributing the rise to its ability to provide fast decisions to brokers. 

The lender said it also saw growth due to the expansion of its product suite to include soft and medium assets. It said it had received nearly £50m in applications for this proposition. 

Brandon Hall, head of asset finance sales at Allica Bank, said: “Allica has built a reputation among brokers for fast and consistent decision-making, supported by top-class customer service. You can see this in our broker satisfaction surveys, in which 89% rate our service as good or excellent.” 

This follows the lender’s announcement that it lent more than £2bn in commercial mortgages last year. 

Earlier this week, Allica Bank – which launched in 2020 – released its full-year results for 2023, which showed it delivered its first annual profit of £16.1m. It also saw its new organic lending reach £729.1m, up from the previous year’s total of £565.9m.