Redwood announces a near doubling of growth in new lending in 2024

02 July 2025

A specialist business bank which has supported SMEs and landlords with more than £760 million of mortgage lending since it launched, has announced new lending growth of nearly double, and continued profitability in 2024.

Award-winning Redwood Bank made the announcement in its newly published 2024 Annual Report and Accounts which reported new lending of £136 million, almost doubling the 2023 performance of £75 million. The value of Redwood’s loan book rose by 18.1 per cent, from £414 million in 2023 to £492 million last year.

Redwood Chairman Mark Winlow said:

“We’ve demonstrated a depth of experience in property lending, and have enhanced further our savings franchise, with a focus on SMEs, clubs, charities and associations.

“Looking ahead Redwood remains committed to serving the needs of all its customers, building relationships with its borrowers, both business owners and property investors, principally through a broker network, manually underwriting all lending, investing in technology to improve our processes, and delivering an excellent customer experience.”

Mr Winlow said Redwood was well positioned to take advantage of new capital-raising initiatives that will enable it to develop and grow scale at a faster pace.

Redwood’s Annual Report also revealed the Bank made a profit before tax of £2.7 million and saw its total assets increase by £36 million to £635 million and its deposit base increased by £53 million to £553 million.

Redwood CEO and Co-Founder Gary Wilkinson added:

“We provide a bespoke service for lending customers, alongside quick, easy and efficient account opening and servicing for savings customers, making it straightforward and easy to do business with us. Every customer can talk to one of our team based exclusively in the UK.

“As well as delivering new lending of £136 million, which was mainly attributable to the growth of our fixed rate residential mortgages, we also made numerous product enhancements including, most notably, the embedding of our Green Reward mortgage proposition and alternative fee products.”

Redwood’s lending focuses on secured commercial and residential buy to let mortgages for experienced SMEs and landlords. Redwood also offers business savings accounts focussed on SMEs, charities, clubs and associations.

For further information, visit www.redwoodbank.co.uk.