The bank, which has its HQ in Hertfordshire, launched in the second half of 2017 and now has more than 5,000 customers. In total, it has attracted deposits of over £400m and loaned over £400m to small and medium sized enterprises within the UK.
Redwood Bank attributes its success to a focus on customer service, broker engagement and hiring talented people, along with a controlled approached to growth management.
Gary Wilkinson, CEO and co-founder of Redwood Bank, said: “For far too long there has been limited choice for British businesses when it comes to banking; that has changed with the arrival of new challenger banks, which can provide a more nimble and dynamic service, with tailored solutions,”
“We are proud to be different and to provide a better quality of service to our customers.
“Redwood Bank is perfectly positioned to help British SMEs take advantage of commercial and residential property opportunities by offering a highly tailored lending service for customers and brokers alike, built around a team of very experienced regional managers and efficient, nimble, customer-led processes.
“The bank has successfully navigated the unprecedented challenges that Covid-19 has caused; in response to the pandemic, like other lenders, we created a large impairment provision during 2020 against future potential credit losses, as a prudent and responsible approach — without this, we would have achieved profitability in 2020.
“The bank has reached this milestone because we were able to continue to offer vital lending support to British SMEs during the lockdown, when many other lenders retrenched.”
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Redwood Bank recently agreed a £1,050,000 development loan to Buttermarket Properties to support a mixed-use development in Warrington. The £1.6million project will convert a former branch of RBS on Horsemarket Street, which closed in 2018.