The lender said the average loan book size growth is 14% and hit £100m loan book milestones for asset finance and bridging finance for the first time.
Ultimate Finance also offered a record £183m of new facilities, a rise of 11% on the prior year. This was split into £80m for bridging finance, £58m for asset finance and £44m of working capital.
The company has also made innovations to its proposition, bringing in three-year cash flow loans up to £500,000 along with a wider asset-based facility to grow lending and upping the maximum asset finance facility size to £2m with longer terms of up to seven years and larger balloon payments.
Josh Levy (pictured), CEO of Ultimate Finance, said its focus in 2024 was to “drive growth in our business by having all areas of the business firing together to deliver on our mission to lend more money than ever to UK businesses”.
He continued: “This has only been possible because of the investment we have made in developing our market-leading capabilities to ensure we are easy to deal with and to get funding out to SMEs as quickly as possible. Our record loan book of £342m and 11% increase in new business origination demonstrates that we are successfully delivering on our strategy. “

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Levy said that as part of the investment and “our capabilities and our future ambition”, it had added several new colleagues to key areas of the business and had added six new joiners in the first week of January.
“They are targeted at expanding our regional footprint and their experience, networks and expertise will give us the ability to serve more introducers and their clients across the country. We also secured £370m of wholesale funding for the next three years through a combination of new and extended facilities, which provides the platform for us to continue our ambitious growth.
“With a new Labour government in place and their budget plans being implemented, there are some challenges coming up quickly in 2025, not least the increase in employers’ National Insurance contribution putting added pressure on cash flow. Now is the time to ensure businesses are prepared for the challenges ahead and to put the right funding structure in place before any of these impacts hit,” he added.
In November, the company increased its working capital loan size.