Asset-based lender Ultimate Finance has announced it has beaten its record for new Bridging funding for the third month in a row, after having experienced a 110% growth in origination in 2023. Head of Bridging Finance Liam Cavanagh, says, “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 continues, “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”.
The £14m-worth of new facilities delivered in January include 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% LTV in London and Hull.
Last month, Ultimate Finance announced a record-breaking performance in 2023 with its total loan book reaching over £310m across Working Capital Finance, Asset Finance and Bridging Finance facilities. At the time, CEO Josh Levy said, “Going into 2024, our focus remains on managing the balance of risk and opportunity in volatile market conditions, and with a General Election on the horizon, we will stay consistent in our appetite and ambition. Some businesses understandably remain cautious in light of elevated interest rates and uncertainty, but we are confident that sentiment will continue to improve and trading conditions for many will get easier as inflation falls away.”
Find out more about Ultimate Finance’s Bridging Finance proposition.
