Ultimate Finance provided funding of more than £1bn to small to medium enterprises (SMEs) in the first half of 2023, with new business volumes up 21% on last year, and 635 new facilities.
Its closing group loan book finished the period just below £300m, up by 9%.
The lender’s bridging loan book rose back above £50m following this positive start to the year, with its asset finance loan book up by over 14%.
Ultimate Finance also saw a growing demand for working capital solutions, which saw its total loan book grow above £150m.
Josh Levy (pictured), CEO of Ultimate Finance, said: “We came into this year looking to further our track record of strong performance through continued challenging market conditions.
“This would mean managing the balance of risks and opportunities, proving the quality and strength of our loan book, delivering further improvements to our relationship-driven service levels to clients and introducers, and continuing to grow our loan book and new business volumes.”
He added: “Looking back on the first half, we are pleased to remain on course for another successful year as we continue to be recognised as a leading specialist asset-based lender and the funding partner of choice.
“Our new business figures, up 21% on the same period of 2022, and robust book performance give us significant confidence in our direction and ambition.”
Levy concluded: “Economic conditions remain tough for SMEs and the interest rate environment volatile, with good news in the real economy paradoxically translating into bad news for inflation and consequently rate expectations.
“At all times our mission is to stay consistent, disciplined, and focused, resisting the sentiment swings that come along and recognising that we can’t control external events.
“We remain focused on our strengths, with an emphasis on working in partnership with our clients and introducers, a substantial funding base and the benefit of our multi-product diversification.”
