Specialist asset-based lender Ultimate Finance has extended its £60m wholesale funding agreement with HSBC, secured on the back of its track record in the asset finance market which saw Ultimate increase its lending by 20 per cent in 2021, the company said in a statement.
The lender has also announced an increase of its maximum facility size per client from £1m to £1.5m.
Neil McMyn (pictured), CFO at Ultimate Finance, said “We’ve enjoyed a strong relationship with HSBC and extending our asset finance wholesale funding facility through to 2024 puts us in an enviable position in our market, to drive growth in our loan book through increased lending to SMEs going into 2022.”
Oke Uwakwe, director of structured finance at HSBC, said: “HSBC is pleased to be able to extend this funding facility to allow Ultimate Finance to continue supporting UK SMEs through the economic cycle.”
In a statement, Ultimate Finance said it has provided over £45m of new asset finance funding to businesses in 2021, a growth of 20 per cent on 2020, and this facility will give the lender more firepower to support SMEs with their growth plans in the years ahead.
On 9 July we reported that Ultimate had increased its lending capacity through a £160m wholesale funding facility. HSBC had joined Ultimate Finance’s working capital syndicate alongside an extension of its existing long-term relationships with Lloyds and NatWest. The facility increased Ultimate’s growth capacity and has been secured “on the back of Ultimate Finance’s established track record of success and service quality in the invoice finance market,” the business said in a press release.