Ultimate Finance adds bridging finance to its accreditation by the British Business Bank for CBILS
Specialist asset-based lender Ultimate Finance is today announcing that it can offer Coronavirus Business Interruption Loan Scheme (CBILS) backed bridging finance products, following earlier accreditation by the British Business Bank for term loans alongside invoice finance facilities and asset finance.
Property lending has been significantly impacted by the Covid-19 outbreak with the supply of finance severely limited and the ability to repay facilities through the sale of property restricted because of the property market freeze in place during March, April and part of May, with uncertain market conditions expected to persist for some time to come.
Ultimate Finance’s CBILS-backed bridging loans secured against residential properties are available from £100,000 to £2.5m with an LTV up to 75%, with fixed repayments and no interest or lender-levied fees paid within the first 12 months.
The company currently works with more than 2,500 businesses across the UK and expects to be operationally ready to begin taking new applications via its approved broker partners from later this week.
Josh Levy, CEO, Ultimate Finance, says: “Bridging finance is a significant and vital source of capital to the overall UK property market, and as a proposition provides the short-term finance that many borrowers require to buy themselves time to either sell properties or secure long-term permanent finance. Our CBILS facilities will enable SMEs to complete projects and have breathing space without the pressure of a looming repayment date.”
Liam Cavanagh, head of bridging finance, Ultimate Finance, says: “With CBILS accreditation, we will go beyond our normal credit criteria to fill the funding void caused by market conditions. Our offering prioritises speed and flexibility, enabling the quick provision of capital to make up for reduced lending appetite elsewhere and allowing developers, housebuilders and buy-to-let investors to have a refinancing source away from existing facilities that have reached their repayment date.”