The lender said this was an important milestone in its growth and reflected its aim to remain the funding partner of choice for intermediaries and the businesses they support.
This has been boosted from £2m, while the maximum facility for a single asset has risen from £500,000 to £750,000. The maximum balloon offering has gone up from £100,000 to £150,000.
Ultimate Finance said its asset finance division had been performing strongly this year, with a record £27m of new business in Q1 and its loan book rising 21% annually, exceeding £150m for the first time.
Paul Hansen (pictured), asset finance sales director at Ultimate Finance, said: “These changes are a significant step forward for our Asset Finance proposition. Increasing our maximum facility size to £3m means introducers can bring us larger opportunities with confidence – whether that’s bigger overall funding requirements, higher-value single assets, or added flexibility through larger balloon options.
“Our introducers are central to our growth, and I’d like to thank them for the ongoing trust and support they show us. We’re continuing to shape our proposition to reflect the scale of ambition we see in the market – backed by a team that moves quickly, gives clear answers, and is set up to handle more volume as demand increases.”
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
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