For the six month period 1 December 2005 to 31 May 2006, new business completions were £689 million. This compares with £297 million in the equivalent period for 2004/05, and represents year-on-year growth of 132 per cent.
Mortgages accounted for approximately 75 per cent of all completions, with secured loans making up the balance.
The growth in lending has allowed Money Partners to complete its third securitisation transaction in May 2006. Totalling £600 million, and comprising mortgages and secured loans, it was the largest of the specialist lender's three transactions to date.
Colin Sanders, chief executive officer at Money Partners, said: "We're delighted to have recorded a strong set of figures in a market that's as tough and competitive as any I've seen in my 20 years in the business. We've achieved this off the back of a focused and very deliberate distribution strategy that has seen us work closely with a number of carefully selected broker partners. Our overriding aim has been to control expansion to preserve service excellence while delivering strong value. In this sense, we've achieved what we set out to do."
Sanders added:"The next step is to build on these strong foundations to achieve our full year's target. Our first half performance puts us well on course to doing this, and we will now look at growing distribution further through complementary broker channels"
