Castle Trust Bank is eyeing entry into the regulated bridging market, following investment into a property originations platform.

The fintech bank says the SaaS (software as a service) platform will transform how it brings its specialist UK property proposition to intermediaries and will allow it to enter the regulated bridging sector.

The news was published in the lender’s latest financial results, in which it revealed it published higher pre-tax profits for the period 1 October 2021 to 28 February 2022 than in all of 2021.

The bank says it has already delivered pre-tax profits of £4.1m at the end of February, compared to £3.6m in it’s latest annual accounts to 30 September 2021.

It says property lending has continued to build momentum and is expected to originate more than £120m over the second half of this year.  

 Castle Trust Bank chief executive Martin Bischoff says: “Our strong end-of-year results and the fact that we have already delivered more profit in the current financial year than the whole of last year, demonstrate our ability to scale whilst remaining profitable. We are on track to deliver a profit before tax in 2022 which is more than treble last year’s.

“This is all down to the continuous investment we are making in the latest digital technologies and our deep fintech expertise that enables us to provide our customers with seamless journeys.”