Only ten months since its launch Shawbrook Bank has reached its break-even point, with loan assets of £600 million.

The Bank, which specialises in commercial and secured lending, officially launched in October 2011 after forming 16 months ago from three financial businesses.

It has £725 million in deposits and total assets of £850 million, which represents a four-fold increase on the Bank’s position when it launched in October 2011.

Philip George, interim CEO of Shawbrook Bank, said: “Breaking even so soon is a huge achievement for Shawbrook and a very exciting moment in our journey as a new bank. We launched in 2011 at a tough time for the banking sector, but we had absolute confidence in the public appetite for a bank that takes a no-nonsense approach to savings and lending. The response we’ve had since launch has been overwhelming.

“We know how difficult things are at the moment for small businesses who want to borrow. Each day we speak to hard working, credit-worthy SMEs who are struggling to find loans from the high street, even though they are in a position to grow. We believe in common sense lending. We’re committed to giving small businesses and individuals straightforward loans based on sensible decision making.”

Stephen Johnson, Managing Director of Shawbrook Commercial Mortgages, commented: “We are delighted with the commercial lending business, we are above our original plan and extremely pleased with the quality of the clients we have been able to support.

“We are focused within the commercial lending business around two key client groups – professional property investors and established trading businesses. We are positively growing our lending book and have a range of new product and distribution initiatives in the pipeline to help drive the business forward.”

Philip continued: “Acquiring Singers Asset Finance was a huge milestone for us and definitely accelerated our growth, expanding our range of secured lending products for SMEs. It’s the rapid growth of the commercial and consumer lending arms of our business, the successful acquisition of Singers, good cost control and our united ambition that have enabled us to break even so soon.

“We have big plans for the future and will continue to offer straightforward products and an excellent customer service to support individuals and help small businesses to flourish and succeed.”

Giving a hint as to whether or not Shawbrook plans to launch further into bridging, Stephen added: “We currently provide keenly priced short term loans for professional investors looking to buy property.

“We have a specific niche and see this product as an excellent complement to the term lending we provide to investors. We are keen to drive our proposition in this niche but are not planning to diversify into any other areas of the short term loan market.”