Ultimate Finance achieves record loan book of $414 million in 2024

Asset lending specialist Ultimate Finance has announced a record loan book of £342 million ($414.55 million) in 2024.

This growth was driven by an 11% rise in new business across its three product lines: Bridge Finance, Asset Finance and Working Capital Solutions.

Ultimate Finance said it had invested in people and capabilities to deliver “flexible solutions” that support the ambitions of UK businesses.

The company reported 14% growth in average loan book size, significantly surpassing the £100m mark for the first time in both asset and bridge financing.

The company has provided a record £183 million of new facilities, an increase of 11% on 2023, spread across £80 million in bridge financing, £58 million in asset financing, and £44 million in working capital.

Josh Levy, CEO of Ultimate Finance, said: “Our focus in 2024 was to drive growth in our business by getting all areas of the business working together to achieve our mission of lending more money to UK businesses than ever before.

“This would not have been possible without the investment we have made in developing our market-leading capabilities to ensure that SMEs can easily do business with us and access finance as quickly as possible.”

In the past year, the company has also expanded its solution offerings to support business growth and key events such as acquisitions.

New features include three years Cash flow loans up to £500,000 and broader asset-based financing options.

In addition, the maximum size of asset finance facilities has been increased to £2 million, with extended terms of up to seven years and larger repayments.

Ultimate Finance is preparing improvements to its bridging finance product, extending the average customer service life of its working capital solutions to eight years.

Levy added: “As part of investing in our capabilities and future ambition, we have welcomed several new colleagues into key areas within the company and have already added six new colleagues in the first week of January.

“They aim to expand our regional footprint, and their experience, network and expertise will give us the ability to serve more providers and their clients across the country.”

As the UK’s new Labor government implements its budget plans, businesses may face challenges in 2025, including increased employer National Insurance contributions impacting cash flow.

“It is time to ensure companies are prepared for the challenges ahead and put the right financing structure in place before any of these impacts occur,” Levy commented.

“Ultimate Finance hits record $414M loan book in 2024” Originally created and published by Rental lifewhich is a trademark of GlobalData.

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