The bank reported new lending of £136m in its 2024 Annual Reports and Accounts, almost double its 2023 performance of £75m.

Meanwhile, the value of Redwood’s loan book rose by 18.1%, from £414m in 2023 to £492m last year.

The report also revealed the bank made a profit before tax of £2.7m and saw its total assets increase by £36m to £635m, while its deposit base increased by £53m to £553m.

Mark Winlow, chairman at Redwood, commented: “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.

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“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.”

Gary Wilkinson, CEO and co-founder of Redwood (pictured above), 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.

“As well as delivering new lending of £136m, 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.”