Together delivers £207m funding in record month
28th November 2019, 10:39 am
Cheadle-based finance company Together has revealed it lent more than £200million in a single month, as it announced its latest results.
Reporting the business’ latest quarterly figures, the specialist lender said it had boosted its total loan book to a new high of £3.9billion, lending an average of £176.2m per month over the three-month period*.
The organisation, which provides mortgages and secured finance, announced that the number of new loans and mortgages taken out in the 12 months to September were up to £2.1bn, while underlying profit before tax rose to £34.5m.
Together also reported it had lent £207m in October – the largest monthly total in its 45-year history.
Group Chairman, Mike McTighe, said the latest growth figures came as the business continued to add “significant additional liquidity” through fundraising and refinancing some of its facilities**
He said: “We continue to see strong demand from our customers and believe the group remains well placed to deliver on its growth plans, underpinned by our robust asset quality, strong diversified funding base and through-the-cycle experience.”
Marc Goldberg, commercial finance CEO, said he was proud of the latest set of results. He said this success had been achieved, in part, by focusing on strengthening the lender’s corporate team, which was set up to provide larger loans to companies and entrepreneurs.
There has also been success through the lender’s Together+ initiative, which is designed to build closer partnerships with key specialist distributers, he said. Together+ partners have provided more than £1bn in loan applications since the start of the calendar year.
Mr Goldberg said: “Our continued success would not be possible without the hard work and dedication of all of our colleagues in seeking to deliver positive end-to-end journeys for our customers.”
Pete Ball, personal finance CEO, said the lender had widened its distribution to specialist finance brokers and mortgage networks and clubs, as well as launching its buy-to-let hub. This allows brokers dealing with portfolio landlords to streamline the process of submitting funding applications.
He said: “Looking ahead, we will continue to focus on innovation through transforming and automating our systems to deliver positive customer outcomes.”