Ultimate Finance extends £60m funding facility with HSBC

Ultimate Finance has extended its £60m asset finance wholesale funding facility with HSBC.

The funding will increase the lender’s growth capacity to support more SMEs through their asset finance product. 

This comes on the back of Ultimate Finance’s success, which saw its lending increase by 20% in 2021.

The asset finance provider has also increased its maximum facility size per client from £1m to £1.5m.

Neil McMyn, CFO at Ultimate Finance (pictured above), said: “We’ve enjoyed a strong relationship with HSBC and extending our asset finance wholesale funding facility through to 2024 puts us in an enviable position in our market to drive growth in our loan book through increased lending to SMEs going into 2022.”

Oke Uwakwe, director of structured finance at HSBC, added: “HSBC is pleased to be able to extend this funding facility to allow Ultimate Finance to continue supporting UK SMEs through the economic cycle.”

“This facility will give the lender more firepower to support SMEs with their growth plans in the years ahead.

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