Specialist asset-based lender Ultimate Finance has strengthened its relationship with HSBC extending their Asset Finance wholesale funding facility of £60m, which gives the lender greater flexibility to increase the number of SMEs they can support through their Asset Finance product.
The facility increases Ultimate Finance’s growth capacity and has been secured on the back of their established track record of success and service quality in the Asset Finance market which saw lending increase by 20% in 2021. The lender has also announced an increase of their maximum facility size per client from £1m to £1.5m.
Neil McMyn, CFO at Ultimate Finance, comments “We’ve enjoyed a strong relationship with HSBC and extending our Asset Finance wholesale funding facility through to 2024 puts us in an enviable position in our market, to drive growth in our loan book through increased lending to SMEs going into 2022.”
Oke Uwakwe, Director, Structured Finance at HSBC added “HSBC is pleased to be able to extend this funding facility to allow Ultimate Finance to continue supporting UK SMEs through the economic cycle.”
Ultimate Finance has provided over £45m of new Asset Finance funding to businesses in 2021, a growth of 20% on 2020, and this facility will give the lender more firepower to support SMEs with their growth plans in the years ahead.