Aldermore has lent over a £1bn of asset finance to UK businesses this year.

Asset finance forms part of Aldermore’s newly created business finance division which also includes invoice finance, commercial mortgages and property development.

The bank says its milestone has been reached as a result of various key developments across the bank’s asset finance division including the extension into new industrial sectors such as telecoms and IT, as well as recruiting additional resource in its specialist underwriting function.

Aldermore also made its first acquisition in June acquiring a 48% minority equity stake in asset and commercial finance funder, AFS Group Holdings Limited.

Carl D’Ammassa, group managing director – business finance, Aldermore, said: “We are delighted to have reached such a significant milestone this year and would like to thank the Broker community for providing us with the opportunity to increase our lending to UK businesses. SMEs are the backbone of the economy and it is vital we continue to listen and deliver on their ever-changing needs.

“Whilst showing our deep understanding in a broad range of asset classes, we remain dedicated to helping SMEs seek and seize opportunities to grow. Our ability to differentiate Aldermore through the specialist nature of our underwriting and service to brokers, positions us well for the future. We will continue to invest in further enhancing our service and digital capabilities to maintain and hopefully further build upon this advantage.”