Within this, asset finance volumes reached a new monthly high of over £10m with significant annual growth for the quarter.

The lender has also appointed Alex Russon as regional director in Scotland.

He brings over twenty years’ experience in SME finance, holding leadership roles at Barclays, Lloyds and most recently at SME financing firm 4syte.

Josh Levy, CEO at Ultimate Finance (pictured above), commented: “Our ambition has been to drive growth in our business by having all areas firing together to deliver on our mission to lend more money than ever to UK businesses and I’m delighted to report that in Q1 we have continued to outperform our growth targets through the hard work and dedication of the entire Ultimate Finance team.

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“Despite the challenging political and economic landscape on the back of the US elections and UK Autumn 2024 budget, our lending appetite remains unchanged, and we will continue to work with our valued introducer network to ensure our products and service standards meet market demand.

“We have been expanding our regional footprint across the UK, to work with, and build, our introducer network, and I’m pleased to welcome our newest recruit Alex Russon who joins our team in Scotland as a regional director.

“Our continued commitment to delivering tailored asset-based lending solutions through a high-quality personalised service model means we remain well placed to support the investment ambitions and cashflow challenges of UK businesses for the rest of 2025 and beyond.”