Together grows loan book to £7bn and announces strong quarterly results

By Bridging Loan Directory 23rd May 2024

Property lender Together has today announced its results for the quarter ending March 31^st 2024.

Together Group’s loan book has now increased to £7 billion, up 14.3% on the same quarter in 2023. It posted an average monthly lending of £262.5million, an increase of 24% on 2023.

The group continues to perform strongly, announcing an underlying profit before tax of £51.8million for the three-month period, an increase of 25.4% on the past year.

Together chairman Mike McTighe, said;

“We have delivered another strong performance in the quarter to 31 March, with the loan book reaching a new high of £7bn while we maintained low LTVs and an attractive net interest margin.

Monthly lending increased by 24% and net interest income, underlying profits and cash receipts rose by 32%, 26% and 42% respectively, compared with the same quarter last year.

We continued to shape our business for the future, completing the scope of the transformation project to further improve the experience for our customers and future proof our business, including selecting our new lending platform, nCino.”

Since the beginning of January, the Cheadle-based group has also successfully issued two residential mortgage backed securitisations (RMBS) a £150m funding pot for small and medium size house builders’ development schemes.

Mr McTighe said:

“Looking ahead, while inflation has continued to fall and interest rates are increasingly expected to begin to edge down, UK GDP growth is forecast to remain fairly subdued in the short term.

As we celebrate 50 successful years in business, we remain cautiously optimistic about the future and will continue to help our customers realise their ambitions and play our part in supporting the UK economy.”