UK-based Asset-based lender Ultimate Finance hit a new lending milestone, with both its asset and bridging loan books reaching £100 million ($126.23 million) at the end of Q1/24. During the quarter, the company also recorded a loan book of £342 million ($431.71 million), up 21% from Q1/23, and provided £66 million ($83.31 million) in new facilities during the first quarter, more than doubling its total from Q1/23.
“We are proud to reach these significant milestones in our asset and bridging loan books alongside continued strong performance across the whole business,” Josh Levy, CEO of Ultimate Finance, said. “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.”
“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,” Andrew Ribbins, managing director of asset finance and group sales director at Ultimate Finance, said. “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.”
“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,” Liam Cavanagh, head of bridging finance at Ultimate Finance, said. “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.”
