The business bank, founded in 2017, launched its first two and three-year fixed-rate mortgages for business customers last month, at loan-to-value ratios of up to 75% for secured residential investment and 70% for secured commercial property loans.  

Redwood Bank co-founder chief executive Gary Wilkinson says: “We showed throughout the pandemic that we have a robust business model that can enable organisations to keep growing.”  

The company adds it is “investigating expanding into adjacent asset classes that leverage existing relationships” to boost growth.  

It says it will also expand by “increasing resources to support both lending and savings customers, but also in specialist areas such as IT, risk and compliance”.  

“All lending is secured on property and our loans products are targeted to be manually underwritten by specialists within 48 hours,” the firm said in its 2021 Performance Summary.  

It adds: “We continue to build relationships with specialist brokers to overcome challenges on behalf of the customer through our infrastructure, processes and approach.”  

The lender, with offices in Letchworth and Warrington, posted its first profit in the year to December 2021 swinging to £2.2m pre-tax profit, from a £1.7m loss in the previous 12 months.  Its loan book lifted by 14% to £370m in the period.