Specialist asset-based lender Ultimate Finance has provided £80m of new funding in the first six months of 2021, up 50% on the same period last year. This has resulted in its highest ever loan book of over £270m. It also provided £80m of new lending, which was 50% up on the same period in 2020.
Josh Levy, CEO of Ultimate Finance said: “I am extremely proud to see such a strong performance from the business over the last 6 months. In line with our mission to be the Funding Partner of Choice, we have remained committed to supporting our introducers and their clients by providing access to cashflow and funding solutions which I am confident remains key to their success.”
Levy was also pleased with Ultimate Finance’s “extremely positive” performance in asset finance. New lending in asset finance was up 63%, with the business adding over 650 new clients so far this year.
”With growing levels of business investment as the economy recovers and SMEs take advantage of the super-deduction capital allowance, we expect to see continued high demand for Asset Finance as a cashflow and investment solution,” said Levy.
Another notable figure was Ultimate Finance’s bridging finance loan book growing over £75m for the first time. Levy said: “Despite remaining uncertainty in the commercial real estate sector and the end of the Stamp Duty holiday for residential purchases, we are confident in our ability to continue supporting our introducers and clients across a range of Bridging use cases. With construction cost inflation rising significantly, we expect that our equity release options for development finish and exit solutions will prove to be valuable for developers.”
Whilst the market for working capital solutions is building back slowly during the post-lockdown period, Levy remains “optimistic” about the market.
“We are already seeing signs of encouragement, new business was up 20% on the second half of last year, and client invoicing has returned to pre-pandemic levels. There remains a significant working capital need in the economy and Invoice Finance is a brilliant and sustainable source of financing to meet that need,” he said.
“These results are a testament to the hard work and dedication of everyone in the business and along with our introducer partners we will continue to prioritise the needs of our clients and provide them with the funding they need to meet their ambitions.”