Ultimate Finance reported a record high loan book of £342m and an 11% increase in new business in 2024.
The specialist asset-based lender achieved this growth by investing in both personnel and capabilities to support UK businesses.
The lender provided a record £183m in new facilities, split into £80m for bridging finance, £58m for asset finance, and £44m for working capital, representing annual origination growth across all three product areas.
The average loan book size also grew by 14%, alongside achieving £100m milestone in both asset finance and bridging finance for the first time.
The lender introduced 3-year cashflow loans of up to £500,000 and increased the maximum asset finance facility size to £2m with terms up to seven years.
They also reported strong customer service metrics, with an average working capital client lifespan growing to eight years and an industry-leading TrustPilot score of 4.9/5.
Josh Levy (pictured), CEO of Ultimate Finance, said: “Our focus in 2024 was to drive growth in our business by having all areas of the business firing together to deliver on our mission to lend more money than ever to UK businesses.
“This has only been possible because of the investment we have made in developing our market-leading capabilities to ensure we are easy to deal with and to get funding out to SMEs as quickly as possible.
“Our record loan book of £342m and 11% increase in new business origination demonstrates that we are successfully delivering on our strategy.
Levy added: “As part of the investment in our capabilities and our future ambition, we welcomed several new colleagues in key areas within the business.
“We have already added six new joiners in the first week of January, aimed at expanding our regional footprint.
“Their experience, networks, and expertise will enable us to serve more introducers and their clients across the country.
“We also secured £370 million of wholesale funding for the next three years, providing the platform for us to continue our ambitious growth.
He said: “With a new Labour government in place and their budget plans being implemented, there are some challenges coming up quickly in 2025, not least the increase in Employers National Insurance contribution putting added pressure on cash flow.
“Now is the time to ensure businesses are prepared for the challenges ahead and to put the right funding structure in place before any of these impacts hit.
He added: “Our vision to be the Funding Partner of Choice is clearly demonstrated by the longevity of our client relationships, which has seen our average working capital client retention grow to eight years.
“Our continued commitment to delivering tailored asset-based lending solutions through a high-quality personalised service model means we are well placed to support the investment opportunities and cash flow challenges of UK businesses in 2025.”
