Specialist asset-based lender Ultimate Finance provided over £500m in funding to UK SMEs during the first quarter of 2023, marking a 12% increase in new business volumes compared to the same period in the previous year. The company also supplied 320 new facilities to help businesses continue to grow.
Q1 portfolio highlights include a 25% increase in working capital new business compared to Q1 2022, as demand for invoice financing solutions rose alongside a steady upward trend in existing facility utilisation rates.
Asset finance experienced record growth, with the total loan book size increasing by 20% and new business volumes up by 27%, including the highest ever month in March.
Additionally, the bridging finance loan book grew 28% in the last six months, driven by strong demand for refurbishment and development finish & exit products.
Ultimate Finance also maintained a Trustpilot score of 4.9 and passed 700 reviews from both clients and introducers, showcasing its strong commitment to customer service.
Josh Levy (pictured), CEO of Ultimate Finance, reflected on the company’s Q1 achievements, saying: “We’re pleased with the rate at which we’ve been able to provide a growing level of funding to UK SMEs, with over £500m of total funding advanced and new business levels 12% higher than the equivalent period in 2022.”
Levy added that despite external factors putting pressure on clients, the specialist lending market remains buoyant, with the ability to remain flexible and adapt requirements to individual borrower needs.
Levy expressed optimism for the remainder of the year, with a focus on speed, flexibility, personal relationships, quality service, and funding certainty.
He emphasised the continued value of the company’s solutions, such as working capital, asset and bridging finance, and its asset-based lending structured finance option, in supporting businesses in a challenging economic landscape.
