The specialist lender has increased its maximum loan size to £3m, and has expanded its proposition to foreign nationals looking to secure UK-based properties.

In addition, it now offers bridging loans to cover 100% of the purchase price for below market value property acquisitions.

This follows a successful performance in the last 18 months, which saw the bridging division lend over £80m in this period.

In 2021, the lender witnessed a 172% rise in redemption levels to £62m, and saw its bridging loan book hit a record high of £75m.

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Josh Levy, CEO at Ultimate Finance (pictured above), said: “Our bridging business has seen a massive transformation over the last 18 months and has gone from strength to strength, beating new business records and reaching our highest ever loan book of £75m. 

“In addition, it’s been encouraging to see the positive performance of our back book with £62m in redemptions last year as we worked with our clients and supported them through to successful sales and long-term refinance solutions.” 

Liam Cavanagh, head of bridging finance at Ultimate Finance, added: “We spent considerable time last year listening to our brokers and making enhancements to our products. 

“After the strong performance throughout 2021, it is really encouraging to see this momentum carry on into 2022, with January seeing over £5.5m lent in the first couple of weeks, including our largest residential loan to date alongside our fastest ever completion in just five days.

“2022 will no doubt provide challenges and opportunities for property developers, and we are committed to providing the funding they need through our relationship-based approach.”

Ultimate Finance is currently recruiting for two new regional sales directors, and is set to make enhancements to its refurbishment and finish & exit products soon.