Specialist business bank Redwood has reported a sharp increase in new lending for 2024, with figures in its latest annual report revealing growth of almost 100% on the previous year.

The lender, which focuses on commercial and residential buy-to-let mortgages for SMEs and professional landlords, announced new lending of £136 million in 2024 – up from £75 million in 2023. This contributed to an 18.1% increase in the size of its loan book, which grew from £414 million to £492 million year on year.

The results, published in Redwood’s 2024 Annual Report and Accounts, also confirmed that the bank remained in profit, reporting £2.7 million in profit before tax. Its total assets rose by £36 million to £635 million, while its deposit base grew by £53 million to £553 million.

Mark Winlow, chairman of Redwood, said the bank’s continued success was a result of its focus on a specific customer base and its consistent business model.

“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,” he said.

“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.”

He added that the bank was well placed to benefit from future capital-raising activity, allowing it to scale up more rapidly.

Redwood, which was co-founded by Gary Wilkinson and launched in 2017, has lent over £760 million since inception. Wilkinson, who also serves as chief executive, said the bank’s focus on personal service and tailored products had helped drive growth.

“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,” he said.

“Every customer can talk to one of our team based exclusively in the UK.”

He added that lending growth in 2024 was largely driven by demand for fixed rate residential mortgage products. The bank also made several product enhancements during the year, including the further rollout of its Green Reward mortgage offering and new fee structures.