Specialist asset-based lender Ultimate Finance delivered over £30m of new funding to businesses in May, the company said.
As well as the lender hitting record new business levels, it also reported overall funds in use of over £270m for the first time.
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The lender recorded the highest ever month for bridging finance and asset finance and saw the strongest monthly performance for working capital finance since before the pandemic.
Josh Levy (below), chief executive at Ultimate Finance, said: “In comparison to the first 5 months of 2020, we’ve seen an uplift of 71% of new funds being utilised by our clients, which is a clear sign that the economic recovery phase of the pandemic is very much underway. I am very proud that we have supported so many businesses with our lending solutions and will continue to do so in the months ahead following the end of the Government’s support through CBILS.”
In a statement, the company said: “Due to Covid the development had been adversely affected and had taken longer than the current funder would allow. The client used the funding to repay the existing facility and generated additional funding for their other projects.”
Another recent highlight saw a £950,000 structured finance facility support the acquisition of an established international logistics business.
Levy said: “We believe in success through long-term, trusted relationships and seek to differentiate ourselves by using our solution-led multi-asset approach to provide much-needed cashflow to businesses, and truly be their funding partner of choice.”
Ultimate Finance is part of Tavistock Group an international private investment company.
