Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
Ultimate Finance Raises Asset Finance Limit to £3m for SMEs
Ultimate Finance has increased its maximum loan size for asset finance to £3 million, up from £2 million. The lender has also raised the maximum facility for a single asset from £500,000 to £750,000, and the maximum balloon offering from £100,000 to £150,000.
According to Mortgage Solutions, these changes are intended to support small and medium-sized enterprises (SMEs) with larger funding needs. Ultimate Finance described the move as an important milestone in its growth and part of its aim to remain a preferred funding partner for intermediaries and the businesses they support.
The company reported strong performance in its asset finance division this year, with a record £27 million of new business in the first quarter. Its loan book has risen by 21% annually, exceeding £150 million for the first time.
These developments may be of interest to UK letting agents and inventory clerks who work with SME landlords or property businesses seeking larger asset finance facilities.
Source: Mortgage Solutions