Ultimate Finance notably surpassed the £100m milestone for the first time in both asset finance and bridging finance last year. Credit: Vitalii Vodolazskyi / Shutterstock.

Asset-based lending specialist Ultimate Finance has announced achieving a record-high loan book of £342m ($414.55m) in 2024.

The growth was fuelled by an 11% rise in new business across its three product lines: bridging finance, asset finance, and working capital solutions.

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Ultimate Finance said it has invested in people and capabilities to deliver “flexible solutions” supporting UK businesses’ ambitions.

The company reported a 14% growth in its average loan book size, notably surpassing the £100m milestone for the first time in both asset finance and bridging finance.

The company provided a record £183m of new facilities, an 11% increase from 2023, distributed across £80m in bridging finance, £58m in asset finance, and £44m in working capital.

Ultimate Finance CEO Josh Levy said: “Our focus in 2024 was to drive growth in our business by having all areas of the business firing together to deliver on our mission to lend more money than ever to UK businesses.

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“This has only been possible because of the investment we have made in developing our market-leading capabilities to ensure we are easy to deal with and to get funding out to SMEs as quickly as possible.”

Last year, the company also expanded its solution offerings to support business growth and key events such as acquisitions.

New features include three-year cash flow loans of up to £500,000 and broader asset-based financing options.

Additionally, the maximum asset finance facility size has been increased to £2m, with extended terms of up to seven years and larger balloon payments.

Ultimate Finance is preparing enhancements to its bridging finance product, as the average client tenure for its working capital solutions extends to eight years.

Levy added: “As part of the investment in our capabilities and our future ambition, we welcomed several new colleagues in key areas within the business and have already added six new joiners in the first week of January.

“They are targeted at expanding our regional footprint and their experience, networks and expertise will give us the ability to serve more introducers and their clients across the country.”

With the UK’s new Labour Government implementing its budget plans, businesses could face challenges in 2025, including increased Employers’ National Insurance contributions impacting cash flow.  

Levy commented: “Now is the time to ensure businesses are prepared for the challenges ahead and to put the right funding structure in place before any of these impacts hit.”