According to Redwood Bank’s annual report, this has contributed to over £760m of mortgage lending since it launched.
The report stated that the value of Redwood Bank’s loan book increased by 18.1% year-on-year to £492m in 2024.
The lender’s profit before tax came to £2.7m and its total assets grew to £635m. The firm’s deposit base grew by £53m to £553m.
Mark Winlow, Redwood Bank’s chair, said: “We’ve demonstrated a depth of experience in property lending, and have enhanced further our savings franchise, with a focus on SMEs, clubs, charities and associations.
“Looking ahead, Redwood remains committed to serving the needs of all its customers, building relationships with its borrowers – both business owners and property investors – principally through a broker network, manually underwriting all lending, investing in technology to improve our processes, and delivering an excellent customer experience.”
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Gary Wilkinson (pictured), Redwood Bank’s CEO and co-founder, said: “We provide a bespoke service for lending customers, alongside quick, easy and efficient account opening and servicing for savings customers, making it straightforward and easy to do business with us. Every customer can talk to one of our team, based exclusively in the UK.
“As well as delivering new lending of £136m, which was mainly attributable to the growth of our fixed rate residential mortgages, we also made numerous product enhancements including; most notably, the embedding of our Green Reward mortgage proposition and alternative fee products.”
Redwood Bank focuses on secured commercial and residential buy-to-let (BTL) mortgages for experienced SMEs and landlords.
The firm recently improved its commercial mortgage affordability and promoted Stuart Davidson to chief commercial officer.
