Praetura Asset Finance has reported a 24% increase in the number of cases and a 38% increase in lending year-on-year.
The asset finance producer saw lending totals rise across all regions of the UK. Highlights included an increase of over 180% in the number of cases in Scotland and a 49% surge in lending for the south of England.
Praetura also hit a £100m lending milestone in December 2016, a figure achieved in three years.
Although haulage, construction and vehicle hire continue to command a strong proportion of Praetura’s book, 2016 saw the Blackburn-headquartered business secure deals with new clients including a company providing welfare cabins in Scotland and a Waste Management Company in Essex.
Vehicle hire cases increased by 139% in 2016, aided by the diverse range of vehicles Praetura will consider, including classic cars.
Mike Hartley, managing director at Praetura Asset Finance, said: “The growth we’re experiencing proves the viability of the way Praetura works as a business. There are two key elements: working closely with the broker to enhance their client relationship and looking at the whole picture, to ensure their client is getting the best solution possible to support the success of their business.
“The appetite for the market to continue to grow is there, with more and more businesses now aware of and choosing asset finance as a solution.”
He added: “Praetura has already grown from a business that started with seven staff, to one with over 25 skilled specialists. And we’re not stopping there. Plans are already in place to continue to expand in 2017; beginning with tripling our business development team in the South East this month.”