Ultimate Finance reaches lending milestone
Ultimate Finance has announced it has reached a new lending milestone, as it makes available almost £200m to small and medium-sized businesses across the UK.
The figures from the first half of 2018 show a 42.3% increase in cash to customers for the alternative finance specialist, which has recorded growth of 150% since it was acquired by independent investment firm Tavistock Group, in July 2015.
Ultimate Finance has seen particularly strong developments across a number of its specialist products:
• Bridging finance has increased by 260%, now sitting at almost £30m funds in use
• Asset finance has increased 61%, surpassing the £40m mark for the first time;
• Invoice finance has increased 27.5%;
The company also reported growth in its client base, with a 26% overall increase since the start of the year. The number of bridging finance clients receiving funds from Ultimate Finance increased by 86%, while its asset finance client numbers grew by 42%.
Ron Robson, CEO at Ultimate Finance, commented:
“We have a very simple mantra at Ultimate Finance; businesses need cash in a fast, flexible and fair way. In a market that is often made overly complex with unnecessary jargon and confusing fee structures, our continued growth is testament to our uncomplicated approach to supporting SMEs.
“As a company we are focused on making the customer journey as easy as it can be, by investing in customer service and technology to provide more access to cash than ever before to thriving businesses across the country. As we enter the next phase of our own journey, we look forward to a strong second half of the year.”
The growth news comes at the same time as the company announces it has brought NatWest into its back-to-back syndicated invoice finance facility, alongside renewed commitments from Lloyds Bank and British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank. This provides an additional £40m in funding taking the total facility to £125m, which complements Tavistock’s investment of over £100m to date.