Cheadle finance company lends £200 million in record month

Cheadle finance company, Together, has revealed it broken records for the total lent in a single month in its latest quarterly figures. Together reported it had lent £207 million in October – the largest monthly total in its 45-year history.

The specialist lender said it had boosted its total loan book to a new high of £3.9 billion, lending an average of £176.2 million per month over the three-month period up to the end of September.

Group Chairman, Mike McTighe, said the latest growth figures came as the business continued to add “significant additional liquidity” through fundraising and refinancing. He said:

We continue to see strong demand from our customers and believe the group remains well placed to deliver on its growth plans, underpinned by our robust asset quality, strong diversified funding base and through-the-cycle experience.”

Marc Goldberg, commercial finance CEO, said he was proud of the latest set of results. He said this success had been achieved, in part, by focusing on strengthening the lender’s corporate team, which was set up to provide larger loans to companies and entrepreneurs.

There has also been success through the lender’s Together+ initiative, which is designed to build closer partnerships with key specialist distributors, he said. Together+ partners have provided more than £1 billion in loan applications since the start of the calendar year.

Pete Ball, personal finance CEO, said the lender had widened its distribution to specialist finance brokers and mortgage networks and clubs, as well as launching its buy-to-let hub. This scheme aims to allow brokers dealing with portfolio landlords to streamline the process of submitting funding applications. He said:

Looking ahead, we will continue to focus on innovation through transforming and automating our systems to deliver positive customer outcomes.”

The organisation announced that the number of new loans and mortgages taken out in the 12 months to September were up to £2.1 billion, and underlying profit before tax rose to £34.5m.

Image: Group Chairman at Together, Mike McTighe.