Ultimate Finance loan book reaches £270m milestone

By Bridging Loan Directory 13th July 2021

Specialist asset-based lender Ultimate Finance has continued its success by providing £80m of new funding in the first 6 months of 2021, up 50% on the same period last year and resulting in its highest ever loan book of over £270m as it continues to support more businesses on the road to recovery.

Portfolio highlights in the first 6 months of 2021 include:

Highest ever loan book of over £270m
£80m of new lending, 50% up on the same period in 2020
Bridging Finance loan book growing over £75m for the first time
Highest ever Asset Finance new business level with over 650 new clients and new lending up 63% on the same period last year
Invoice Finance book showing signs of encouragement with new business in the first 6 months up 20% on the second half of last year

Josh Levy, CEO of Ultimate Finance said:

“I am extremely proud to see such a strong performance from the business over the last 6 months. In line with our mission to be the funding partner of choice, we have remained committed to supporting our introducers and their clients by providing access to cashflow and funding solutions which I am confident remains key to their success.

Looking at specific areas of the business Levy commented:

“We continue to see an extremely positive performance in Asset Finance, with our existing book proving to be robust through the challenges our clients have faced and new lending up 63%, adding over 650 new clients so far this year.

With growing levels of business investment as the economy recovers and SMEs take advantage of the super-deduction capital allowance, we expect to see continued high demand for Asset Finance as a cashflow and investment solution.”

Following on from the recent Bridging Finance announcement which saw the lender cut rates and its loan book stand at over £75m, Levy continued:

“Despite remaining uncertainty in the commercial real estate sector and the end of the Stamp Duty holiday for residential purchases, we are confident in our ability to continue supporting our introducers and clients across a range of bridging loan use cases.

With construction cost inflation rising significantly, we expect that our equity release options for development finish and exit solutions will prove to be valuable for developers.”

Whilst the market for Working Capital solutions is building back slowly as Government schemes unwind and economic restrictions lift, Levy explained:

“We are extremely optimistic about the market and the backing we have from our shareholder and wholesale funding partners to help drive the return to growth.

We are already seeing signs of encouragement, new business was up 20% on the second half of last year, and client invoicing has returned to pre-pandemic levels.

There remains a significant working capital need in the economy and Invoice Finance is a brilliant and sustainable source of financing to meet that need.

These results are a testament to the hard work and dedication of everyone in the business and along with our introducer partners we will continue to prioritise the needs of our clients and provide them with the funding they need to meet their ambitions.”