Vector Capital plc (LON:VCAP), the commercial lending group that offers secured loans to property developers and investors in England & Wales, has provided the following update on the Group’s aggregate loan book as at 31 December 2022.
The Group’s aggregate loan book as at 31 December 2022 was £53.4 million, a 15.4% increase as compared to the end of the previous year of £46.3 million. This increase reflects the Group’s continuing strong progress, despite the well-publicised challenging market conditions, and is built upon the increase in the debt finance facilities provided during the year by our wholesale lenders. The number of loans also increased from 79 to 107 during the year, representing a net increase of 35.4%, and, in line with the Group’s communicated future strategy, a consequent and intended reduction in the average loan value from £586,000 to £499,000 as at 31 December 2022.
Agam Jain, CEO of Vector commented: “We are delighted to provide an update on the 15.4% annual increase in our aggregate loan book value at 31 December 2022, consistent with the continuing demand for loan finance generated from within our chosen market. This increase highlights the resilience of our business model as we continue to grow the business despite the uncertain conditions. We look forward to updating the market with the Group’s full results in due course.”
