Ultimate Finance posts record year of lending for 2023

Its loan book increased by 10 per cent annually to £310m marking a new milestone for the lender. 

Ultimate Finance’s bridging loan book totaled more than £70m in 2023, as originations rose by 110 per cent year-on-year as it provided £68m in gross lending. 

Its asset finance business saw a record 14 per cent growth in the loan book to £98m, while new originations increased by 11 per cent annually. 

Funding partner of choice 

Ultimate Finance said its performance aligned with its goal to work with more businesses to improve their cash flow for 2024. 

Josh Levy (pictured), CEO of Ultimate Finance, said “We set out to be the funding partner of choice to our introducers and clients when we reset our strategy in 2019, focused on delivering flexible asset-based lending solutions through a high-quality, personalised service model. This strategy has delivered more than £7.5bn of total funding over the last four years and I’m immensely proud of the team.

“We’ve continued to focus on improving our service across the business and our industry leading Net Promoter Score of 68 is a demonstration of the quality of our proposition to both our introducers and clients. This goes a long way to delivering on our mission to be easy to deal with and to get the right funding out to businesses quickly.” 

Levy added: “We have been harnessing the latest innovations and technical capabilities to streamline and automate processes freeing up our team to focus on the added value support which we know sets us apart in our relationships with introducers and clients.  

“One example is our utilisation of the latest open finance capabilities to help speed up the application process by highlighting financial suitability upfront enabling a faster funding decision.” 

Balancing risk in the market 

Levy added: “Going into 2024, our focus remains on managing the balance of risk and opportunity in volatile market conditions, and with a general election on the horizon, we will stay consistent in our appetite and ambition. Some businesses understandably remain cautious in light of elevated interest rates and uncertainty, but we are confident that sentiment will continue to improve and trading conditions for many will get easier as inflation falls away. 

“Our strong capital base, growing and robust loan book, relationship-driven approach to funding, and partnerships with our key introducer network will ensure we fund even more businesses in 2024 and make it another successful year for Ultimate Finance.”