NUCLEUS Commercial Finance has hit the £750m cumulative lending milestone, after closing the first quarter with its largest loan to date.
The alternative business finance provider said on Thursday that it provided a £16m asset-based lending (ABL) facility to a haulage firm in March, after making the decision to offer larger ABL facilities to service bigger clients.
It also originated an additional 60 loans during the month, worth £3.5m in total.
Read more: Nucleus launches new cash flow product
Nucleus said that its average deal size has grown by 50 per cent across all its product lines over the past year. The number of cash flow finance and property finance loans have increased by more than 900 per cent and 200 per cent respectively.
The platform launched a new secured lending product in April called Start-up Finance, enabling new businesses to borrow between £25,000 and £2m over a period of five years.
“Today’s businesses come in all shapes and sizes and the one-size-fits-all mentality, particularly in relation to finance, is outdated,” said chief executive Chirag Shah (pictured).
“We pride ourselves on finding fast, bespoke and transparent finance solutions. It is greatly rewarding to support the wide range of growing businesses that represent the backbone of the UK economy.
“We’re seeing enormous growth potential for the alternative lending sector and are confident that we can continue the current pace of growth over the next five years, by developing our products and adding to our expert team to facilitate this.”