According to the bank, the bridging business has a “healthy” pipeline of transactions.

In addition, PCF was able to build relationships with new introducers, as a result of a number of competitors in the market withdrawing due to liquidity issues.

The group's overall lending portfolio is expected to grow by 30% this year, compared to last year’s growth of 55%.

According to PCF, this is due to lower demand, cautious underwriting and a challenging operational environment.

New business volumes are expected to be £260m across the group.

The portfolio is likely to exceed £435m (2019: £335m) at year end and the level of forbearance within the portfolio has reduced considerably since the release of the interim results.

•   An interview with Jon Hall and Rob Barnard of Masthaven Bank
•   PCF registers significant increase in requests for forbearance
•   PCF Group lending portfolio grows by 55%

Commenting on current trading, Scott Maybury, CEO at PCF, thanked the team for their dedication, flexibility and motivation to maintain the standards of customer service in a challenging environment.

“Our trading performance in the period exhibits an encouraging combination of operational resilience, cautious lending and continuing profitability,” he added.

“The near-term outlook for the economy may remain uncertain, however we have shown we have the resources and experience to steer a balanced course through the current downturn.

“I have confidence that this downturn will only slow our progress and we can emerge strongly to expedite growth and returns.”

In addition, PCF has appointed Nick Price as interim chief financial officer.

He will be a member of the executive committee, but will not become a board director of PCF.

Prior to this, Nick has performed several bank interim CFO roles and worked at Close Brothers and Goldman Sachs.

A search for a permanent CFO is ongoing and the company will update the market in due course.