Bluestone Mortgages’ total maiden profit after tax for the year ending 30 June 2020 was £2.85m.

The lender wrote over £295m of loans in the financial year, equating to an 18% uplift compared to the previous financial period.

According to Bluestone, the growth has been underpinned by its loyalty to complex credit borrowers and supporting those who are disenfranchised by mainstream lenders.

Specialist lenders can offer lifeline as unemployment hits 5%

Furthermore, the strong growth experienced in the financial year has continued, accelerating lending activity in the most recent six months, with application levels up 50% on the same period in 2019.

The lender outlined that it has continued to see an unprecedented demand from borrowers looking for tailored lending solutions amid the ongoing crisis, which is a trend it expects to continue.

Steve Seal, managing director at Bluestone Mortgages, said: “Today’s figures are the result of the continued dedication of the Bluestone team, our funders and our intermediary partners.

“Despite the challenges presented by the COVID-19 trading environment, we have worked hard to ensure that our service and underwriting teams, as well as our established broker network, have been equipped to support both existing and new customers during this period.

“The ongoing focus on service levels has played a crucial role in the recent growth of the business, and maintaining a high level of support for advisers and end-customers will remain our priority as we navigate the coming months.

“Ultimately, our goal is to continue to deliver innovative and flexible solutions to underserved borrowers across the UK – particularly those impacted by the COVID-19 crisis – and by focusing on support for our staff and external partners, we will be in a strong position to achieve this.”