Y3S Group has reported a combined net profit before taxation of £1.7m on total revenues of £7.55m for the latest financial year (which ended September 2015).
The intermediary-only packager group based in South Wales consists of Y3S Loans, Y3S Bridging & Commercial and Chasuble Loans.
The total 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%.
Over £44m of bridging loans were written with an average loan advance of £177,000 at an average LTV of 58.7%.
“It’s very encouraging to report strong performances across all our businesses for this financial year despite the increased costs of regulation and compliance”, said Benson Yeadon (pictured), chief financial officer for Y3S Group.
“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.”