Specialist asset-based lender Ultimate Finance is today reporting significant growth in its Bridging Finance book on the back of the expansion of its bridging proposition over the last 18 months. The strong performance saw it lend over £80m in this period and reach its highest ever loan book in 2021 as it looks to increase its sales team in 2022 and add further product enhancements.
The asset-based lender’s Bridging portfolio highlights include:
- £80m of origination over the last 18 months
- Largest recorded loan book of £75m – up 16% on 2020’s high point.
- Record £62m of redemptions during 2021 – up 172% on 2020
Josh Levy CEO of Ultimate Finance said “Our Bridging business has seen a massive transformation over the last 18 months and gone from strength to strength, beating new business records and reaching our highest ever loan book of £75m. In addition, it’s been encouraging to see the positive performance of our back book with £62m in redemptions last year as we worked with our clients and supported them through to successful sales and long-term refinance solutions.”
Liam Cavanagh, Head of Bridging Finance of Ultimate Finance said “We spent considerable time last year listening to our brokers and making enhancements to our products which included a 20% reduction to our pricing. After the strong performance throughout 2021, it is really encouraging to see this momentum carry on into 2022 with January seeing over £5.5m lent in the first couple of weeks including our largest residential loan to date alongside our fastest ever completion in just 5 days”
Looking ahead Ultimate Finance will be launching some exciting developments to enhance their Bridging offering.
- Increasing its maximum loan size to £3m
- Funding 100% of the purchase price for Below Market Value (BMV) purchases
- Now fund non-UK residents looking to secure UK based properties
Cavanagh said “2022 will no doubt provide challenges and opportunities for property developers, and we are committed to providing the funding they need through our relationship-based approach which has seen us awarded the industry leading score of 4.9 out of 5 on Trustpilot.
He continues “We are looking for two new Regional Sales Directors to join our team and really drive our presence nationwide. I’m confident with our current proposition, plus some exciting enhancements to our Refurbishment and Finish & Exit products we can truly achieve our mission of becoming the funding partner of choice for brokers and their clients.