Belmont Green Announces 2023 Annual Financial Results and Strategic Progress

2023 Performance Highlights:

• Profitability: The company has remained profitable for three consecutive years, showcasing its consistent performance and effective management.
• Origination: To date, Belmont Green has originated loans totalling £3.5 billion, affirming its commitment to serving underserved markets.
• Balance Sheet Size: Maintained a robust mortgage book of £1.7 billion.
• Funding: The securitisation program reached £3.7 billion issued since inception, supported by a blend of RMBS, warehouse facilities, and substantial shareholder capital.

Financial Highlights:

• Net Interest Income: £33.6 million, down from £42.0 million in 2022, reflecting a strategic decision to prioritise margin over volume amidst challenging market conditions. This approach has helped maintain profitability and ensure sustainable growth.
• Operating Costs: Reduced to £31.7 million from £34.4 million, reflecting effective cost management strategies.
• Core Operating Profit: £2.6 million, compared to £11.6 million in the previous year.
• Statutory Operating Profit: Reported at £6.0 million, up from £1.4 million in 2022.
• Securitisation: Raised £750 million through Residential Mortgage-Backed Securities, showcasing strong market confidence.

Strategic Developments:

• Sustainable Growth: Continued focus on the specialist mortgage market, serving underserved customers with innovative lending solutions.
• Operational Excellence: Launched the V-Hub to centralise intermediary activities, significantly enhancing service speed and quality. This efficiency is reflected in "Excellent" Trustpilot rating, underscoring lender’s commitment to superior service.
• Regulatory Progress: Advanced efforts towards obtaining a banking license to diversify funding sources and enhance competitive positioning.

"Despite 2023 being a challenging year for the UK economy with significant headwinds from rising interest rates and inflation, Belmont Green has demonstrated remarkable adaptability. Our business model's flexibility, coupled with a focus on maintaining high service standards and strengthening relationships with intermediaries, has been crucial in navigating these market dynamics," commented the CEO. "This approach not only contributed to our sustained profitability but also ensured substantial progress towards our long-term goal of becoming the leading challenger in the UK specialist mortgage market."

Belmont Green is well-positioned for 2024 with a strong capital base, robust funding arrangements, and a clear strategic direction focused on growth, operational excellence, and sustainability. The company continues to progress its application to become a bank, which will further enhance its service offerings and market reach.

About Belmont Green: Belmont Green Finance Limited, trading as Vida Homeloans, is a specialist mortgage lender dedicated to serving underserved market segments through innovative and responsible lending practices. Established with a vision to help more people find a place to call home, Belmont Green is committed to fostering a sustainable and inclusive financial environment.