Packager Y3S has reported a doubling in its profits over the last year.
The firm, which comprises of Y3S Loans, Y3S Bridging & Commercial and Chaseblue Loans, achieved a combined net profit before taxation of £1.7m on total revenues of £7.55m.
The group wrote over £100m of second charge loans in the period with an average loan advance of £68,000 at an average LTV of 61.2% and.
Over £44m of bridging loans were written with an average loan advance of £177,000 at an average LTV of 58.7%.
Benson Yeadon, chief financial officer for Y3S Group, said: “It’s very encouraging to report strong performances across all our businesses for this financial year despite the increased costs of regulation and compliance.
“Our growth mirrors the general state of the sector at the current time which continues to experience strong demand from financial intermediaries for niche mortgage products.”