Ultimate Finance is a specialist, asset-based lender based in the UK that was founded in 2002. The lender specialises in supporting business financing through several financial products, such as bridging loans.
With more than 20 years of experience, Ultimate Finance is a trusted lender, with a track record of £10bn in funding.
In this review, I will take a closer look at their key loan features, eligibility criteria, application process, rates and reviews to help you decide if they are the right lender for your business needs. I will particularly be focussing on UF’s bridging loan products.
Ultimate Finance Bridging Loans: Overview
Ultimate Finance offers a range of unregulated bridging loans from £100,000 to £3,500,000 for both residential and commercial needs.
You can use these short-term financing options to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans for your business.
Key features include
- Bridging loans from £100,000k up to £3,500,000, with up to 75% LTV available
- Rates start from 0.89% per month for terms from 1 to 18 months
- Purchase, development and refurbishment loans available
- Express DIP and funding process
- Interests can be retained or serviced
- Asset-Based Lender
- No credit check
- No early repayment fee
- No exit fee
- Funding up to 100% of the purchase price for BMV purchases
Ultimate Finance has a great reputation. The loan application process is quick and straightforward, and you can expect to receive an offer within 72 hours of applying.
What are the Eligibility Criteria for an Ultimate Finance Bridging Loan?
| Criteria | Value |
|---|---|
| Applicant Nature | UK registered or domiciled company (Limited / Non-Limited) |
| Applicant Location | England, Wales and Scotland |
| Property Requirement | Residential property |
| Property Purpose | Business purpose only |
| Min. Loan Amount | £100,000 |
| Max. Loan Amount | £3,500,000 |
| Max. LTV | 75% |
| Interest Repayment | Retained or Serviced |
| Exit Strategy | A robust exit plan is required |
Application Process for Ultimate Finance Bridging
The process for applying for a bridging loan with Ultimate Finance is extremely simple, although it might seem a bit “old-school” compared to some of UF’s competitors.
It all starts with filling out a standard form on Ultimate Finance’s website.
Once the form is filled out, Ultimate Finance’s team will be in touch to discuss the next steps.
The front-end process is designed to require minimal information upfront. Of course, more due diligence comes before formal approval. Overall, Ultimate Finance looks to deliver efficient and quick bridging finance.
You can expect to receive a DIP in less than 24 hours, and, if you agree to the terms, an offer in less than 72 hours.
Ultimate Finance Bridging Rates
Here are the Ultimate Finance bridging loan rates for 2023.
| Loan Type | Rates From | Max. LTV | Max. Loan | Arrangement Fee | Exit Fee |
|---|---|---|---|---|---|
| Purchase Bridge | 0.94% | 75% | £3.5M | 2% | ❎ |
| Development Exit | 0.89% | 75% | £3.5M | 2% | ❎ |
| Development & Finish Exit | 0.99% | 75% | £3.5M | 2% | ❎ |
| Refurbishment | 0.94% | 75% | £3.5M | 2% | ❎ |
Ultimate Finance Reviews & Ratings
Overall, Ultimate Finance receives very positive reviews, earning a near-perfect TrustScore of 4.9 out of 5 based on over 700 reviews on Trustpilot.
The quasi-unanimity of reviews (96%) rate Ultimate Finance 5 stars. Customers praise the fast funding, and helpful customer service. Many note getting loan approval in less than a day, and funding within 2 or 3 days.
3% of reviews are 4 stars, and 1% are 3, 2 or 1 star. The very few negative reviews mainly relate to difficulties in releasing funds and identity checking.
These negative reviews are very scarce compared to the overwhelming positive feedback and relate to personal experience.
Reviews indicate an extremely high customer satisfaction with Ultimate Finance lending services, owing to fast processing, and fantastic staff. While a minority of customers have faced challenges, my overall sentiment toward Ultimate Finance is unquestionably favourable.
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Ultimate Finance FAQs
What types of businesses can benefit from Ultimate Finance’s bridging loans?
Ultimate Finance’s bridging loans are suitable for any UK registered or domiciled company, whether limited or non-limited. These loans can cater to both residential and commercial needs, making them a versatile choice for a variety of business types.
What specific purposes can Ultimate Finance’s bridging loans serve?
Bridging loans from Ultimate Finance are designed to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans for your business. They offer various loan types such as Purchase Bridge, Development Exit, Development Finish and Exit, Refurbishment, and Re-bridge depending on your business needs32.
How is the Loan to Value (LTV) ratio calculated for Ultimate Finance’s bridging loans?
The LTV ratio is based on the property’s open market value. Ultimate Finance offers up to 75% LTV for different types of loans including Purchase Bridge, Development Exit, Development Finish and Exit, and Refurbishment5.
Are there options to keep monthly repayments low during the loan term?
Yes, Ultimate Finance offers the option of retained interest, which allows you to keep your monthly repayments low during the term of the loan, with the interest payable at the end. However, the total amount due can’t exceed the maximum LTV criteria set by Ultimate Finance5.
What are the additional charges associated with Ultimate Finance’s bridging loans?
An arrangement fee of 2% of the loan amount is charged, which is included in your repayments so it doesn’t need to be paid up front. The only other upfront cost would be for the valuation of the proposed security, and solicitors’ fees, which are deducted when the funds are being processed for payout. Additional charges may apply should your facility fall into default5.
Is there an option for early repayment of the bridging loan?
Yes, you can repay a bridging loan early if you find yourself in a position to do so. Ultimate Finance is flexible with early repayments, making it easier for you to manage your loan based on your financial situation5.
