Ultimate Finance expands funding syndicate with £160m facility

Specialist asset-based lender, Ultimate Finance, has increased its lending capacity through a new £160m wholesale funding facility.

HSBC has been added to the lender’s working capital syndicate, along with the extension of its current long-term relationships with Lloyds and NatWest.

The new funding line — secured on the back of its success in the invoice finance market — is set to significantly increase Ultimate Finance’s growth capacity.

Neil McMyn, CFO at Ultimate Finance, commented: “Combined with the backing of our shareholder Tavistock Group, this additional funding gives us a substantial balance sheet to continue providing working capital solutions to UK SMEs as the economy recovers.  

“We’ve enjoyed a strong relationship with Lloyds and NatWest for many years and adding HSBC to our syndicate puts us in an enviable position in our market to drive growth in our loan book.”

Simon Earnshaw, associate director of syndications at Lloyds, added: “Lloyds are extremely proud to act as agent and lead on this facility and to be continue our longstanding relationship with Ultimate Finance. 

“We look forward to seeing this business continue to develop and grow over the next three years.”

In May, Ultimate Finance provided over £30m of new funding to businesses, with overall funds in use at over £270m for the first time since before the pandemic.

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