The buy-to-let lender set itself a 2016 target of £750m after seeing demand for limited company deals rocket after the government announced that it will crack down on higher rate buy-to-let tax relief from 2017.
After accepting its first application on 22 December 2014 Fleet had £800m of business put through its system in the first nine months of 2015.
In the third quarter the application split was approximately 50% standard buy-to-let, 25% limited company and 25% HMO business.
Bob Young, chief executive of Fleet Mortgages, said: “To have a new lender up and running, and breaking even in less than 12 months, is quite frankly astonishing.
“Last month we increased our cash in the bank and will continue to do so going forward. The intermediary interest, the placed applications, and our lending volumes are right on line with our expectations but nonetheless we feel they are impressive from a standing start, and show that with the right proposition, experience, service and products you are able to gain traction in this market quickly.
“In a sense we are operating as a David in a world of Goliaths and I think we all know how this turned out.
“We now look forward to the next year where we will continue to focus on maintaining our commitment to the intermediary sector and ensuring we continue to deliver the buy-to-let products clients want and need.”
Fleet is still growing its product range, while next year the lender will move into larger portfolio lending for professional landlords, semi-commercial and eventually full commercial.
The lender is growing its staff count to cope with more business, as Fleet’s employee count has risen from 18 to 40 since its launch while by Christmas the company should have 50 recruits. A further 30 new recruits are expected to join the lender next year.
