Funding partner to UK SMEs, Ultimate Finance Group, has seen significant growth in its asset finance book, with money advanced up 65% and a 60% rise in the number of asset finance clients, in the 12 motnhs to September.
The announcement comes as the latest in a line of positive reports from the funder, which has launched a number of new products to the market this year in response to increased customer demand for new solutions, alongside traditional products.
The uplift in Ultimate Finance’s asset finance lending has outperformed the market, where according to figures from the Finance & Leasing Association overall asset finance lending growth stood at 6% in the 12 months to August 2017. Financing for plant & machinery and business equipment had seen the strongest growth.
“I am delighted at the phenomenal achievement of our asset finance team,” says Andrew Ribbins, MD of Asset Finance at Ultimate Finance.
“The success of many businesses depends on being able to invest in key assets that may be a significant outlay – asset finance helps them accomplish this in a way that supports a business to grow, as well as look after the day-to-day operations. We also offer re-financing, which many of our customers find is the perfect solution to their cashflow demands.
“More and more businesses are coming to us for our asset finance, which is in recognition of our experience and the personalised service we offer – there is no one-size-fits-all answer when it comes to SME funding. It is testament to the team, and the relationships we are building with our existing customer-base, that our annual figures are showing such a leap. ”
The sharp increase in funds advanced and growth in customers has also been reflected by internal expansion of the team, with a 50% increase in asset finance staff this year.
“Asset finance is often a great solution when looking to buy a large piece of equipment, machinery or vehicles,” Mr Ribbins added. “It’s a well-established product which continues to appeal to businesses across many sectors.
“We pride ourselves on the speed and efficiency of our service, where we can usually make a decision and have the funding in place in just one day. It’s all part of our promise to deliver good funding to our customers.”
Backed by the Tavistock Group, Ultimate Finance is able to access funding for its customers without reliance on banks or the markets.
