A Bristol-based financial services company has reported continued growth for its loan book, despite the uncertain economic outlook and higher interest rates.
Ultimate Finance, a specialist asset-based lender headquartered in Bradley Stoke, said it had provided funding of more than £500m to UK SMEs in the first quarter of 2023. Figures released by the company, which has now been trading for 20 years, showed new business volumes were up 12% on last year.
The firm said it had provided facilities for 320 new clients in sectors ranging from construction, hospitality and haulage, including for asset types such as cold milling machines, trucks, trailers and mobile cranes as well as property transactions. Ultimate Finance said it had seen its new business in working capital grow by a quarter and it had set a new record high in asset finance lending in March, with total loan book size up 20% and new business volumes up by more than 25%.
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It added that its bridging finance loan book had grown by almost 30% in the last six months amid strong demand for ‘finish and exit’ development finance. It comes after Ultimate Finance, which is part of international private investment company Tavistock Group, reported a consecutive record year after provided funding of more than £2.1bn to more than 3,000 SMEs.
Chief executive Josh Levy said: “Whilst the backdrop generally remains challenging, SMEs have – as ever – remained resilient and focused on growth opportunities, and the specialist lending market remains buoyant and liquid, with lots of capacity to lend as demonstrated by our volumes and those reported by others in the sector.
“Our loan book continues to perform well and whilst there are increasing examples of external factors putting pressure on clients, the ability to remain flexible and adapt requirements to individual borrower needs will keep enabling specialist lenders like ourselves to fill any funding gaps that emerge.”
As well as its Bristol base, Ultimate Finance also has offices in Manchester, Leeds, Lutterworth in Leicestershire and Edinburgh.
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