Ultimate Finance, an asset-based lending specialist, has reported a record year of lending in 2023, with its loan book surpassing £310m.
The company provided over £2.1bn in funding to UK SMEs and property investors, reinforcing its mission to support an increasing number of businesses with necessary cash flow.
The company’s notable accomplishments in 2023 include a 10% growth in the total loan book, reaching over £310m, and the provision of £165m in new facilities, reflecting a 31% increase from 2022.
The asset finance sector saw a 14% growth in its loan book to £98m, with new origination up by 11%.
In bridging finance, origination growth was an impressive 110%, with new facilities paid out of £68m and the loan book now exceeding £70m.
Additionally, Ultimate Finance continued to lead in customer service, with the average client retention rates in working capital increasing to nearly seven years.
Josh Levy, chief executive officer at 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 in total funding over the last four years, and I’m immensely proud of the team, as we continue to provide funding to an increasing number of businesses and property investors throughout the UK, helping them to realise their ambitions.
“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. 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.
“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.”
