Ultimate Finance, an asset-based lender, has set a new record in bridging funding by offering £14m in new facilities in January.
The new funding includes a diverse range of loans such as a £4.2m development exit loan in Cambridgeshire and a £2.3m development finish and exit loan in Brighton.
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Additionally, it consists of two below-market value purchase bridges in Hull and London, valued at over £1m and 75% loan-to-value.
These marks the third consecutive month of record-breaking figures, the company said.
The lender noted that the development follows a 110% growth in origination for the company in 2023.
Ultimate Finance head of bridging finance Liam Cavanagh attributed the company’s success to its evolving range of residential bridging loans, which have been tailored to meet the changing needs of property developers and investors.
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By GlobalDataHe also highlighted the importance of flexible offerings that allow borrowers to secure and maximise the potential of their investments, especially in a shifting economic landscape.
Cavanagh continued: “On the back of rising interest rates and a somewhat volatile property market in general, it is great to be able to support more and more developers with our reliable, flexible and personal approach to funding.
“Through our increased levels of business, we have also evolved our internal processes and procedures to ensure that we can not only continue to meet the funding needs of developers and investors but do so in a much more streamlined and effective manner.
“To that end, we have created a legal onboarding team, with the main purpose of supporting our borrowers with a quick and more streamlined completion process.
The company’s performance extends beyond bridging finance, with Ultimate Finance’s total loan book surpassing £310m across various financial services, including working capital finance, asset finance, and bridging finance facilities.
In October 2023, the company added six new relationship managers to its team across the country to offer a regional service model.
