Y3S Group doubles profit to £1.7m
Y3S Group, which comprises Y3S Loans, Y3S Bridging & Commercial and Chaseblue Loans, has reported a combined net profit before tax of £1.7m on total revenues of £7.55m for the year ending September 2015.
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The figure is nearly double that of the previous year, which stood at £864,000. 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%.
The Group also wrote over £44m of bridging loans 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.”
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