Bridging and commercial lender Recognise Bank has grown its loan book by over 30% during the financial year, to more than £400m.

The latest figures show that the bank has also exceeded £500m in deposits for the first time.

The bank also announced the opening of a new Milton Keynes office.

Recognise says the new office in Milton Keynes, nearer to its London head office, aims to help strengthen collaboration, leadership oversight and operational effectiveness across the bank.

The bank’s chief executive Simon Bateman says: “Our growth and performance make this the right time to ensure our structure supports what’s next.”

“Acting from a position of strength allows us to prepare for the future, not react to challenges and our new Milton Keynes office will help strengthen decision-making and overall business performance.”

“This is an important step on our journey to build a stronger, more connected Recognise Bank. One that’s fit for the next stage of our journey, while staying true to the values and service our customers trust.”