Specialist asset-based lender Ultimate Finance is withdrawing from the unsecured loan market as it focuses investment on core asset-based solutions.
The company will concentrate on growing its invoice, asset, and bridging finance products and bespoke solutions for individual clients.
Josh Levy (pictured), CEO of Ultimate Finance, said: “We are committed to ensuring that our structure and strategy allows us to be responsive to market conditions and positioned to capitalise on our growth potential.”
The company stated that they would no longer provide unsecured loans on a standalone basis, however clients would continue to have access to cashflow loans alongside their secured products.
In addition, Ultimate Finance will continue to support and service existing unsecured loan clients until the end of their facility.
Ultimate Finance provides flexible cash flow solutions to UK SMEs, with total funding reaching more than £5 billion. It is backed by private investment company Tavistock Group and has more than 2,000 SMEs customers across a wide range of industries, sectors and stages of growth.
Levy added: “By solely focusing on asset-based lending, we are prioritising our core strengths and ensuring that our market proposition is clear and concentrated on our specialist areas of secured lending. We are committed to continuing to provide our clients with high levels of service enabled by technology, including those with existing unsecured loans.”