Ultimate Finance has reached a record for new bridging funding for the third month in a row, having experienced a 110% growth in origination in 2023.
The £14m-worth of new facilities delivered in January included a £4.2m development exit loan in Cambridgeshire, a £2.3m development finish and exit loan in Brighton, and two below market value purchase bridges over £1m and at 75% loan-to-value (LTV) in London and Hull.
Liam Cavanagh (pictured), head of bridging finance, said: “Over the past few years our range of residential bridging loans have evolved with the needs of property developers and investors; this includes flexible offerings that not only allow our borrowers to secure their investments or developments, but also unlock the potential within their properties, which is key in a dramatically shifting economic landscape.”
He continued: “On the back of rising interest rates and a somewhat volatile property market in general, it is great to be able to support more and more developers with our reliable, flexible and personal approach to funding.
“Through our increased levels of business, we have also evolved our internal processes and procedures to ensure that we can not only continue to meet the funding needs of developers and investors but do so in a much more streamlined and effective manner.
“To that end we have created a legal on boarding team, with the main purpose of supporting our borrowers with a quick and more streamlined completions process.
“We are proud to have increased our market reach through prioritising long-lasting partnerships with brokers across the country, a network we continue to curate and expand to provide the funding the property sector depends upon to keep moving.”
