The lender has a plan to “lend more money than ever before” to UK businesses and its changes are a result of market research it carried out with key brokers.
This includes a cut to rates on its development exit loans, now starting from 0.79% per month. Ultimate Finance said this would allow borrowers to share in the net proceeds of the sale of an asset during the term of the loan and access the profits sooner.
Ultimate Finance has also launched a light-touch refurbishment facility up to 85% gross loan to value (LTV) on day one, giving borrowers immediate access to funds for improvements.
Limited personal guarantees are now available on standard purchase and development exit products, which the lender said would give borrowers more flexibility.
Liam Cavanagh, head of bridging finance at Ultimate Finance, said: “These product improvements have come as a direct result of our relationship-driven approach, where we gain valuable insight from our key brokers on what their clients need, which allows us to continually enhance our products to meet market demand.
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“In such a competitive sector, our ambition is to write more business in this space, and we are confident these enhancements will allow us to support an increasing number of investors and developers across the UK. Our flexible funding facilities with a five-star rated service will enable them to capitalise on growth opportunities and meet any challenges they may face.”
At the beginning of the year, the firm added five hires to its team.
