Specialist asset finance lender Ultimate Finance has secured £370m in wholesale funding for the next three years.
The wholesale funding is a combination of new and extended facilities, the lender said.
The company said that, having secured these wholesale funding facilities for the next three years, it was in a “strong position to drive further growth” in its loan book and would “build a diversified asset-based lending business”, with each product line offering “quality and scale”.
The firm recently posted a record year of lending in 2023, lending over £2.1bn to SMEs and property investors.
Ultimate Finance said at the time that its loan book had grown by 10% annually to £310m, another milestone for the year.
At the half-year mark for 2024, the lender said it had achieved the highest ever six-month period for new business generation, with £109m of new facilities.
Neil McMyn, CFO at Ultimate Finance, said that he was “delighted” to have secured the increased wholesale funding across its whole product range, which includes working capital asset finance and bridging finance.
He continued: “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 benefitted 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 continued: “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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
