Vector Capital Plc (LON:VCAP), a commercial lending group that offers secured loans primarily to property developers located in England & Wales, has provided an update, ahead of the Company’s Annual General Meeting being held at noon today at 13 Sovereign Park, Coronation Road, London, NW10 7QP, on the Group’s loan book and a trading update for the quarter ended 31 March 2022.
Loan book summary
As summarised below our loan book has grown by £4.5 million, or 9.8 %, in the three months to 31 March 2022, with the number of live loans increasing to 89 from 79 in the same period.
|As at 31/03/22||As at 31/12/21||As at 31/12/20|
|Number of live loans||89||79||63|
|Average loan size||£571,000||£586,000||£577,000|
|Average loan to value||57.8%||53.5%||44.2%|
Despite the challenging economic conditions arising from rising inflation and higher interest rates and the uncertain geopolitical situation in Europe, current trading in 2022 has been in line with market expectations. The Company has continued to expand and develop its loan book, maximise shareholder returns and further establish its place in the market segment.
The Group continues to widen and deepen its relationships with its broker network to identify suitable lending opportunities and is maintaining a regular dialogue with providers of wholesale funding to maintain the financing flexibility required to help the business grow.
Agam Jain, CEO of Vector Capital will make the following statement at the AGM:
“We have traded strongly in Q1 2022 and our pipeline of new loan opportunities remains strong despite increasing competition in the market and the general uncertain economic climate. The proven strength and resilience of the loan management systems that we utilise underpins our ability to grow.
“The Group remains well placed to benefit from these opportunities to increase market share and grow revenue and we remain on track to establish ourselves as the lender of choice in our market segment. The Board is confident that the Group is well placed to achieve continued success and we view the future with confidence and optimism.”