Asset based lender announces £370m funding package
Specialist asset-based lender Ultimate Finance has secured £370m in wholesale funding for the next three years.
The funding is a combination of new and extended facilities with several banks.
The news follows the recent announcement of the Bristol business’s highest ever six-month period for new business origination.Neil McMyn, CFO of Ultimate Finance, said “I am delighted that we have secured increased facilities across our full product range which includes Working Capital, Asset Finance and Bridging Finance. This has been a key objective for us and comes on the back of our impressive growth journey and loan book performance.
“We have always benefited from a deep capital base as part of the Tavistock Group and are proud of the strong relationship we have developed with our wholesale funders, which has allowed us to provide a substantial level of funding to support nearly 4,000 businesses and property investors across the UK.
“These new and extended facilities with Lloyds Bank and NatWest will give us an increased funding capacity to continue to be a key player in the specialist asset-based lending market.”
McMyn continues, “It marks the end of six-months of intense work, and I would like to thank the Ultimate Finance team for their hard work and dedication in achieving this exciting milestone for our business. I would also like to express my thanks to the teams at Lloyds Bank and NatWest for their continued support in our mission to become the Funding Partner of Choice.”
With the facilities now secured for the next 3 years, Ultimate Finance is in a strong position to drive further growth in its loan book as it builds a diversified asset-based lending business with each of its product lines providing both quality and scale.
Ultimate Finance, established in 2002, is a specialist asset-based lender that provides a wide range of flexible solutions which are tailored to business need, to support the ambitions of UK businesses.
Part of international private investment company Tavistock Group, Ultimate Finance has offices in London, Bristol, Lutterworth, Manchester, Leeds and Edinburgh.
The firm currently supports almost 4000 businesses with flexible funding solutions to help realise potential through unlocking working capital, funding the purchase of assets and supporting property developers and investors with short term funding, all designed to ease business cashflow challenges.
