Mortgageforce has returned to profit on a turnover of £5.1m and record lending volumes of £1.1bn, latest figures reveal.
Announcing the numbers to delegates at the network’s annual conference in London last week managing director Kevin Duffy (pictured) said the operation was back in rude health and forecast both an increase in broker numbers and business growth of around 12% in 2017.
Duffy said: “I’m more than pleased to announce that Mortgageforce is back in the black. In the last 12 months we experienced a turnover of £5.1m and have facilitated record lending volumes at some £1.1bn. I fully expect us to have reached at least 100 brokers by Spring 2017.”
More than 80 brokers attended last week’s event which featured round-tables from a host of sponsors and panel debates and presentations from AMI’s Robert Sinclair, Simply Biz Mortgages’ Martin Reynolds, One Savings Bank’s Adrian Maloney, TFC’s Nigel Payne, Vida Homeloans’ Louisa Sedgewick and Pepper Homeloans’ Rob Barnard.
Despite the buy-to-let sector facing a somewhat gloomy start to 2017 all agreed that overall business would be up with other niche lending areas picking up the slack.
And Duffy added: “Despite perhaps 10% less buy-to-let business next year we are nonetheless still budgeting for a 12% increase across all our KPI metrics.”
Several lenders scooped the network’s top awards throughout the day with accolades going to Clydesdale Bank, Precise Mortgages and NatWest.
Best High Net Worth Lender went to Clydesdale Bank; Precise Mortgages picked up Best Non-mainstream Lender and NatWest picked up the honours for Overall Lender of the Year.
Duffy said: “These three lenders won in three separate categories. But they all have two predominant traits which they share. Specifically, a sensible approach to underwriting and a leadership team which is as entrepreneurial as it is professional.”