RAF recorded a 48% increase in the number of facilities and a 63% rise in new client numbers. Credit: Mameraman / Shutterstock.

Arbuthnot Latham’s asset finance subsidiary Renaissance Asset Finance (RAF) has reported a 60% jump in new lending during the first half (H1) of 2024 compared to the same period last year.

For the six months leading up to 30 June 2024, the majority of RAF’s new lending, more than 80%, was attributed to hire purchase/leasing.

The remainder was due to block discounting, a service that RAF launched in 2021. 

This diversification of services contributed to the company’s strong performance in the asset finance industry, RAF said.

In addition to the surge in new lending, RAF has seen a 48% increase in the overall number of facilities and a 63% rise in new client numbers.

Throughout the year, RAF actively engaged with industry partners, joining or renewing alliances with organisations such as the National Association of Commercial Finance Brokers (NACFB) and Acquis Lumia.

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RAF noted that these partnerships have not only bolstered its visibility but have also enhanced its contribution to the development of the asset finance industry.

RAF sales director Jamie Chaplin said: “Arbuthnot Banking Group recently released their unaudited results for the six months to 30 June 2024, which shows just how much we have grown in terms of profitability.

“However, together with Arbuthnot’s backing, this would not have been possible without each and every person that makes up RAF, from client-facing staff to sales support and everything in between.

“In the months ahead, we look forward to being able to continue supporting our brokers and clients with their aims and objectives.”

RAF offers funding facilities to small and medium-sized enterprises (SMEs) and high-net-worth individuals (HNWIs).

In May 2024, RAF provided a £220,935 ($280,432) financing facility to an East Midlands-based groundworks company to purchase new construction-related equipment.