Scott Maybury

PCF bridging venture sees £14m of originations

PCF’s new bridging finance venture has seen £14m worth of originations in the nine months since its inception.

This figure is part of PCF’s trading statement for the year ended 30th September 2019, with trading said to be in line with market expectations. 

The group’s bridging division completed its first loan eight months ago, with the team initially targeting £2m of lending per month and aiming to have a loan book of over £100m by 2022.

Across the group, PCF’s new business originations were 51% ahead of last year at £223m (2018: £148m).

In addition, its lending portfolio has grown to £338m, an overall increase of 54% (2018: £219m) and is close to its target of £350m, a year ahead of plan.

Scott Maybury, chief executive at PCF Bank (pictured above), said: “The strategy to diversify our asset classes and income streams is proving a great success and playing an important role in growing our lending portfolio. 

“We have made excellent progress against ambitious targets and we continue to deliver strong growth despite the challenging economic and political backdrop. 

“While there may well be some tightening of the economic cycle over the next 12 to 24 months, given the small market share we currently enjoy, we remain confident that we can continue to grow as planned while maintaining our prudent appetite for risk.

“We look forward to reporting our final results on 4th December 2019.”

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