Asset-based lender Ultimate Finance has hit a new lending milestone with both their asset and bridging loan books hitting £100m milestones each at the end of the first quarter this year.
These milestones are part of the lender’s impressive overall first quarter performance for 2024, including a record loan book of £342m at the end of Q1, up £60m (21%) on Q1 2023.
Ultimate Finance has also provided £66m in new facilities during the first quarter, over double the same period last year and with strong growth across all products.
Josh Levy (pictured), CEO at Ultimate Finance commented: “We are proud to reach these significant milestones in our asset and bridging loan books alongside continued strong performance across the whole business. We have aspired to build a diversified multi-product asset-based lending business with each of our product lines of sufficient scale and quality, and reaching £100m individual loan book sizes is an important landmark in that journey.”
Andrew Ribbins, Managing Director of Asset Finance and Group Sales Director at Ultimate Finance recalls the evolution of our Asset Finance offering: “Our ambition back in 2010 was to differentiate ourselves from others in the market, by offering excellent service to our brokers and their clients, with quick decision making and payouts a core pillar of our strategy. Scaling a loan book itself is hard enough, but doing so whilst maintaining book quality with exceptional service standards is the biggest measure of success. We won’t be resting on our laurels either as we continue to build our business capabilities and I very much look forward to working with our brokers to support their client’s needs.”
Head of Bridging Finance Liam Cavanagh builds on this view: “There have been two distinct phases to our bridging journey since launching in 2015, where initially we sought to find our niche within the bridging finance landscape, through working with a few brokers and growing organically. We learned a lot during this time, both good and challenging!
“In recent years we have been singularly focused on our core residential offering with a product set to match our ambitions. We are delighted to reach the £100m landmark to showcase our strong growth trajectory that has come from having consistent appetite and an emphasis on funding certainty and delivery, even through volatile market conditions. Our approach to curate and expand our network of brokers across the country continues and I’m proud of what we’ve achieved in reaching this significant milestone.”
CEO Josh Levy concluded: “Our commitment remains strong to support the ambitions of SMEs and property investors through providing access to the liquidity and funding solutions they need. We are pleased to report a strong start to 2024 and take encouragement that our strategy continues to deliver a growing market position.
“The opportunity ahead is clear with specialist lenders increasingly playing a key role in our markets. 2023 saw challenger banks and specialist lenders having a record 59% share of total lending to SMEs, the 3rd consecutive year in which market share has been greatest away from the largest five banks.
“Our versatile asset-based solution offering, personalised service model, consistent appetite and deep partnerships with our key introducers leaves us well placed to fulfil our future ambitions along with those of our clients.”
