Ultimate Finance enhances bridging proposition

The specialist lender is increasing its maximum bridging loan size to £3m and will now fund 100% of the purchase price for Below Market Value (BMV) purchases.

In addition, it can also lend to non-UK residents looking to secure UK based properties.

Josh Levy, CEO of Ultimate Finance, said: “Our bridging business has seen a massive transformation over the last 18 months and gone from strength to strength, beating new business records and reaching our highest ever loan book of £75m. In addition, it’s been encouraging to see the positive performance of our back book with £62m in redemptions last year as we worked with our clients and supported them through to successful sales and long-term refinance solutions."

Liam Cavanagh, head of bridging finance, added: “We spent considerable time last year listening to our brokers and making enhancements to our products which included a 20% reduction to our pricing. After the strong performance throughout 2021, it is really encouraging to see this momentum carry on into 2022 with January seeing over £5.5m lent in the first couple of weeks including our largest residential loan to date alongside our fastest ever completion in just 5 days.

“We are looking for two new regional sales directors to join our team and really drive our presence nationwide. I’m confident with our current proposition, plus some exciting enhancements to our refurbishment and Finish & Exit products we can truly achieve our mission of becoming the funding partner of choice for brokers and their clients."