Ultimate Finance achieves record loan book of $414m in 2024
Asset-based lending specialist Ultimate Finance has announced a record 342 million pounds ($414.55 million) in loans in 2024.
The growth was driven by 11% growth in new business across its three product lines: bridging finance, asset finance and working capital solutions.
Ultimate Finance said it has invested in people and capabilities to deliver “flexible solutions” supporting the ambitions of UK businesses.
The company reported a 14% increase in its average loan size, notably surpassing £100m for the first time in both asset and bridge finance.
The company delivered a record £183m of new facilities, an 11 per cent increase on 2023, spread across £80m of bridging finance, £58m of asset finance and £44m of working capital.
Ultimate Finance CEO Josh Levy said: “In 2024, our aim was to drive the growth of our business by having all areas of the business work together to deliver on our mission to deliver more money than ever before to UK businesses.
“This has only been possible because of the investment we’ve made in developing our market-leading capabilities to ensure we make it easy and quick to fund SMEs.”
Last year, the company also expanded its solution offerings to support business growth and major events such as acquisitions.
New features include three years cash flow loans of up to £500,000 and broader asset-based financing options.
In addition, the maximum amount of asset finance has been increased to £2m, with extended terms of up to seven years and larger balloon payments.
Ultimate Finance is preparing enhancements to its bridging finance products as the average customer tenure for working capital solutions extends to eight years.
Levy added: “As part of investing in our capabilities and our future ambitions, we have welcomed several new partners in key areas of the business and have already added six new joiners in the first week of January.
“They are committed to expanding our regional footprint, and their expertise, networks and experience will enable us to serve even more acquaintances and their customers across the country.”
As the UK’s new Labor government implements its budget plans, businesses could face challenges in 2025, including an increase in Employers’ National Insurance contributions, which affects cash flow.
Levy commented. “Now is the time to ensure businesses are prepared for the challenges ahead and put the right funding structure in place before any of these impacts hit.”
“Ultimate Finance to hit record $414 million loan book by 2024” was originally created and published by Leasing lifeTrademark owned by GlobalData.
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