Demand grows for construction finance as Ultimate Finance hits record lending
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Ultimate Construction Finance, part of the rapidly expanding Ultimate Finance Group, is enjoying unprecedented demand for its funding since the division started, with funds in use & committed funding lines at an all-time high.
In the last five weeks, it has funded three separate deals to sub-contractors amounting to more than £1m in committed funding and demand for its product is increasing each month.
The record levels of funding coincide with the doubling of the Construction division’s lending limit, following Ultimate’s acquisition by Tavistock Group in July this year.
To cater for the increased lending, the team has grown significantly and further appointments of experienced staff are being planned.
Speaking about the success, sales director for Ultimate Construction Finance, Tim Wilkinson said,
“We have certainly seen a massive increase for our product over the last year which could be for a number of reasons,” he said.
“In the first instance, there are positive signs that the construction sector is getting back on its feet. However with banks still reluctant to lend and companies taking longer to pay, more businesses are turning to receivables finance.
“We believe we are in a unique position to provide that type of funding, as we are the only lender able to provide funding against Uncertified Applications for Payment on a fully, truly confidential basis.
“In addition we now have greater access to funding and our flexibility and speed of response means we can provide companies with a fast, professional turnaround which can be vital if they want to win that valuable new contract or negotiate greater supplier discounts on the back of the improved working capital situation that our facilities can provide.
“As this is a key area of growth for Ultimate Finance Group we are delighted to continue to support the construction sector on a long-term, sustainable basis.”
For more from this company visit their website www.ultimatefinance.co.uk