Asset-based lending specialist Ultimate Finance has announced achieving a record-high loan book of £342m ($414.55m) in 2024.
The expansion was fuelled by an 11% rise in recent business across its three product lines: bridging finance, asset finance, and dealing capital solutions.
Ultimate Finance said it has invested in people and capabilities to deliver “flexible solutions” supporting UK businesses’ ambitions.
The corporate reported a 14% growth in its average loan book size, notably surpassing the £100m milestone for the primary time in each asset finance and bridging finance.
The corporate provided a record £183m of latest facilities, an 11% increase from 2023, distributed across £80m in bridging finance, £58m in asset finance, and £44m in working capital.
Ultimate Finance CEO Josh Levy said: “Our focus in 2024 was to drive growth in our business by having all areas of the business firing together to deliver on our mission to lend extra money than ever to UK businesses.
“This has only been possible due to investment now we have made in developing our market-leading capabilities to make sure we’re easy to cope with and to get funding out to SMEs as quickly as possible.”
Last yr, the corporate also expanded its solution offerings to support business growth and key events reminiscent of acquisitions.
Latest features include three-year money flow loans of as much as £500,000 and broader asset-based financing options.
Moreover, the utmost asset finance facility size has been increased to £2m, with prolonged terms of as much as seven years and bigger balloon payments.
Ultimate Finance is preparing enhancements to its bridging finance product, as the typical client tenure for its working capital solutions extends to eight years.
Levy added: “As a part of the investment in our capabilities and our future ambition, we welcomed several recent colleagues in key areas inside the business and have already added six recent joiners in the primary week of January.
“They’re targeted at expanding our regional footprint and their experience, networks and expertise will give us the flexibility to serve more introducers and their clients across the country.”
With the UK’s recent Labour Government implementing its budget plans, businesses could face challenges in 2025, including increased Employers’ National Insurance contributions impacting money flow.
Levy commented: “Now’s the time to make sure businesses are prepared for the challenges ahead and to place the precise funding structure in place before any of those impacts hit.”
“Ultimate Finance achieves record loan book of $414m in 2024” was originally created and published by Leasing Life, a GlobalData owned brand.