Ultimate Finance

Ultimate Finance cuts bridging rates after breaking lending records

Ultimate Finance has slashed rates across its residential bridging offering following strong new business growth.

The lender’s bridging finance loan book has reached £75m for the first time.

In the past 12 months, the company paid out £70m worth of new business, £20m of which was delivered in May, its highest ever monthly figure.

Josh Levy, CEO at Ultimate Finance (pictured above), said that it has been “encouraging to see the positive performance of our back book and, in the first half of this year, we’ve already had a higher level of redemptions than we did in the whole of 2020, showing improvements in market conditions and that our growth is sustainable and built on strong foundations.”

Consequently, the finance provider has reduced its bridging rates to start from 0.74% per month on residential deals at up to 65% LTV (previously 0.89%) and 0.79% on cases up to 75% LTV (previously 0.99%).

“Price has been a hot topic in the market recently with many lenders dropping rates,” Josh added.

“Consistent feedback from our brokers is that the right lender for their client isn’t always the one with the cheapest headline rate, with many other factors of importance, but it has been clear that an investment in price is needed.

“It’s important to stress that these are not unobtainable headline rates, but genuine price points that we will do business at.

“We have substantial capital to deploy and have significant ambitions to build upon our recent successes.”

Ultimate Finance is also working on expanding its range of commercial and semi-commercial offerings as those markets start to unlock.

“We will continue to focus on our premium service levels and reputation for delivering what we promise in a quick and flexible manner, putting us in a really strong position going into the second half of the year,” Josh stated.

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