Bristol-headquartered national law firm TLT has advised specialist asset-based lender Ultimate Finance Group, which has a base in the city, on a £20m loan-on-loan facility.
The capital from OakNorth Bank will help Ultimate grow its bridging loan book, providing essential short-term funding to enable property developers and investors to complete projects and have the breathing space to secure sales or long-term finance. 
TLT partner Anna Vangrove led the firm’s team, with support from its national banking and real estate teams, including legal director Richard Clark, partner Patrick Sheehan and associate Ben Jackson.
The team advised Ultimate on all aspects of the funding including structuring and implementation of the loan-on-loan facilities.
Anna Vangrove, pictured, said: “We are pleased to have advised Ultimate Finance Group on all aspects of the funding by OakNorth. It’s great to have been able to support them on the next stage of their growth plans.” 
Ultimate Finance Group legal general counsel Polly Russel-Stower added: “We are grateful to the team at TLT for their advice and support on this transaction.
“Their relationship with our business and understanding of our needs and the OakNorth facility means we have the best possible start to our partnership with OakNorth to enable us to continue providing the support our customers need to keep their businesses moving.”
Ultimate Finance, established in 2001, is a specialist asset-based lender that provides a wide range of flexible solutions to support the ambitions of UK businesses.
Part of international private investment company Tavistock Group, it has offices in Manchester, Leeds, Lutterworth and Edinburgh as well as Bristol.
It supports more than 2,500 businesses with flexible funding to help realise potential through unlocking working capital, funding the purchase of assets and easing cashflow challenges.
It has been accredited by the British Business Bank for Coronavirus Business Interruption Loan Scheme (CBILS) for its bridging finance, asset finance and term loans alongside invoice finance facilities.
