Specialist lender Aldermore has marked a record year after supporting more than £1 billion of asset finance during 2017.
The milestone has been achieved through 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.
Several new appointments were also made to further strengthen the asset finance leadership team throughout the year as part of ambitious growth plans.
In addition, Aldermore made its first acquisition in June 2017, acquiring a 48% minority equity stake in asset and commercial finance funder AFS Group Holdings.
Carl D’Ammassa, group managing director of business finance at 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.
“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.”
Asset finance forms part of Aldermore’s newly-created business finance division, which also includes invoice finance, commercial mortgages and property development.
Earlier this year, South African lender FirstRand agreed a £1.1 billion ($1.3 billion) takeover of Aldermore Group.
The deal could open a range of business growth opportunities, as FirstRand already owns the MotoNovo vehicle finance business through its subsidiary WesBank.