Ultimate Finance adds bridging finance to its CBILS accreditation
Ultimate finance

Ultimate Finance adds bridging finance to its CBILS accreditation

Ultimate Finance has announced that it can now offer Coronavirus Business Interruption Loan Scheme-backed (CBILS) bridging finance products.

It was accredited by the British Business Bank for CBILS term loans, invoice finance facilities and asset finance in May.

Its government-backed bridging loans secured against residential properties are available from £100,000 to £2.5m, with a LTV of up to 75%.

It offers fixed repayments and no interest or lender-levied fees paid within the first 12 months.

The company currently works with more than 2,500 businesses across the UK and expects to be ready to take new applications via its approved broker partners later this week.

Josh Levy, CEO at Ultimate Finance, said: “Bridging finance is a significant and vital source of capital to the overall UK property market and, as a proposition, provides the short-term finance that many borrowers require to buy themselves time to either sell properties or secure long-term permanent finance.  

“Our CBILS facilities will enable SMEs to complete projects and have breathing space without the pressure of a looming repayment date.”

Liam Cavanagh, head of bridging finance at Ultimate Finance, added: “With CBILS accreditation, we will go beyond our normal credit criteria to fill the funding void caused by market conditions. 

“Our offering prioritises speed and flexibility, enabling the quick provision of capital to make up for reduced lending appetite elsewhere and allowing developers, housebuilders and BTL investors to have a refinancing source away from existing facilities that have reached their repayment date.”

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