Lending reports

Belmont Green brings in £463m in new loans for 2021

In the lender’s annual report for the year ending December 31, 2021, it revealed that the gross yield on the mortgage portfolio improved by 30 basis points to 4.61%.

Funding costs improved significantly over the year to 1.94% from 2.22% in 2020.

For the year, net loans to customers increased by 10.8% in 2021 to £1.81bn, while lease-to-rent (BTL) accounted for 74% of the loan book.

Meanwhile, it reported a statutory profit of £2.7m with a basic pre-tax profit of £4.5m, compared to a loss of £5.8m in 2020.

Net interest income also increased to £34.5m from £23.9m the previous year. The net interest margin fell from 1.44% in 2020 to 2.01% in 2020.

Belmont Green completed its sixth and seventh securitizations last year Tower Bridge Funding 2021-1 PL and Tower Bridge Funding 2021-2 PLC.

Belmont Green Managing Director Anthony Mooney said: “It has been another successful year for Belmont Green. We have made significant progress as a business, focusing operational and technology investments on improving the middleman experience and our operational productivity.

“As I said last year, our target for 2021 was to break even; we have achieved this with the company making statutory profit of £2.7m and core profit before tax of £4.5 million.

“Going forward, our main business objective is to further strengthen our position in the mortgage market, capitalizing on the growing demand for specialist mortgages in the UK. Another key strategic priority for Belmont Green is to further grow its well-established wholesale funding franchise and ultimately seek approval from the UK Prudential Regulatory Authority as a depository bank,” adds Mooney.