Ultimate Finance, an independent lender to SME commercial vehicle operators in the UK, has announced significant growth in its asset finance product over the past year.
The company, which counts HGVs, LCVs, buses and coaches among the most popular assets it finances, reports a 65 per cent increase in asset finance lending, as well as a 60 per cent rise in its number of clients, within the year beginning September 2016.
The uplift has outperformed the market, the company adds, where according to figures from the Finance & Leasing Association, overall asset finance lending growth stood at six per cent in the 12 months to August 2017. Financing for plant and machinery and business equipment had seen the strongest growth.
Andrew Ribbins, managing director of asset finance at Ultimate Finance (pictured above), said: “Asset finance is often a great solution when looking to buy a large piece of equipment, machinery or vehicles. We pride ourselves on the speed and efficiency of our service, where we can usually make a decision and have the funding in place in just one day.”
He continued: “I am delighted at the phenomenal achievement of our asset finance team.
“The success of many businesses depends on being able to invest in key assets that may be a significant outlay – asset finance helps them accomplish this in a way that supports a business to grow, as well as look after the day-to-day operations. We also offer re-financing, which many of our customers find is the perfect solution to their cashflow demands.
“More and more businesses are coming to us for our asset finance, which is in recognition of our experience and the personalised service we offer – there is no one-size-fits-all answer when it comes to SME funding. It is testament to the team, and the relationships we are building with our existing customer-base, that our annual figures are showing such a leap.”
Backed by the Tavistock Group, Ultimate Finance says its unique position allows it to access funding for its customers without reliance on banks or the markets.
The firm says it has launched a number of innovative new products to the market throughout 2017 in response to increased customer demand for new solutions, alongside traditional products.
The sharp increase in funds advanced and growth in customers has also been reflected by internal expansion of the team, Ultimate Finance reports, with a 50 per cent increase in asset finance staff this year.