Ultimate Finance Reaches New Heights with £342m Loan Book
A Record-Breaking Year for the Asset-Based Lending Specialist
Ultimate Finance, a leading asset-based lending specialist, has announced a remarkable achievement: a record-high loan book of £342m ($414.55m) in 2024. This impressive growth was driven by an 11% increase in new business across its three product lines: bridging finance, asset finance, and working capital solutions.
Investing in People and Capabilities
The company’s success can be attributed to its strategic investments in people and capabilities, designed to deliver flexible solutions that support UK businesses’ ambitions. By doing so, Ultimate Finance has been able to provide tailored support to SMEs, helping them navigate the complexities of the business landscape.
Growth Across the Board
The company reported a 14% growth in its average loan book size, surpassing the £100m milestone for the first time in both asset finance and bridging finance. Moreover, Ultimate Finance provided a record £183m of new facilities, an 11% increase from 2023, distributed across £80m in bridging finance, £58m in asset finance, and £44m in working capital.
A Focus on Growth and Innovation
According to Josh Levy, CEO of Ultimate Finance, “Our focus in 2024 was to drive growth in our business by having all areas of the business firing together to deliver on our mission to lend more money than ever to UK businesses.” Levy emphasized the importance of investment in developing market-leading capabilities to ensure ease of use and rapid funding for SMEs.
Enhanced Solution Offerings
In 2024, Ultimate Finance expanded its solution offerings to support business growth and key events such as acquisitions. New features include three-year cash flow loans of up to £500,000 and broader asset-based financing options. Additionally, the maximum asset finance facility size has been increased to £2m, with extended terms of up to seven years and larger balloon payments.
Preparing for the Future
As the company looks to the future, it is preparing enhancements to its bridging finance product, while the average client tenure for its working capital solutions extends to eight years. Levy highlighted the importance of investing in new talent, stating, “We welcomed several new colleagues in key areas within the business and have already added six new joiners in the first week of January.”
Navigating the Challenges Ahead
With the UK’s new Labour Government implementing its budget plans, businesses may face challenges in 2025, including increased Employers’ National Insurance contributions impacting cash flow. Levy cautioned, “Now is the time to ensure businesses are prepared for the challenges ahead and to put the right funding structure in place before any of these impacts hit.”
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