A Greater Manchester-based financial services firm has reported strong results for the first quarter - with average monthly lending up by 68.5% on the previous three months.
Cheadle-based Together said the figure stood at £125.4m during the period as the group continued to increase new lending.
The firm, which last year axed around 200 jobs due to the pandemic, also reported strong quarterly profits, with underlying profit before tax rising to £44m, up 15.2% on the previous quarter - and up 233.3% on the same quarter last year.
Cash generation also remained "robust", with cash receipts of £419.4m as redemption levels remained strong.
Group CEO designate Gerald Grimes said: “As transaction volumes in the specialist mortgage markets continued their recovery towards pre-pandemic levels, we also maintained the upward momentum in our lending levels, with average monthly originations up 68.5% on Q2 at £125.4m.
"This contributed to the loan book returning to growth standing at £3.9bn at the end of the quarter.”
Following the successful issuance of a £500m bond in January, Together also issued the first small balance commercial real estate mortgage backed securities in the UK since the financial crisis for £200m in March.
That contributed to the group having undrawn facility headroom of £1.304bn at the end of Q1.
Marc Goldberg, commercial finance CEO, added: “We are pleased to have delivered another strong performance in the quarter, while continuing to support our customers and shape our business for the future.
"These excellent results reflect the continuing resilience, dedication and commitment of all of our colleagues.”
Pete Ball, personal finance CEO, said: “Supported by successful vaccination roll-out and improving consumer confidence, the UK economy is forecast to recover to pre-pandemic levels early next year.
"With strong levels of capital and liquidity and our modernisation and transformation programmes well underway, Together is well placed to help increasing numbers of customers and to support the UK's economic recovery.”
