After two months of operation, microlender Ultra Financier says it has grown its loan book to $250 million.
The wholly owned Dolla Financial Services subsidiary began operations on October 21, providing asset-based financing to high net worth individuals.
CEO David Henriques says so far the company has been proven right that there is high demand for this type of financing.
“The fact that there was such a massive void in the market … plus the reputation of our parent, Dolla, just gave us that big boost,” he said.
Henriques was the marketing lead for the Porsche Jamaica – an auto dealership that sells luxury vehicles to rich Jamaicans – prior to being picked to lead Ultra, whose target market is also high net worth individuals.
Ultra offers loans of up to $150 million secured by high-value assets.
Meanwhile, Dolla Financial CEO Kadeen Mairs says Ultra has contributed to the expansion of Dolla’s consolidated loan book, which now stands at $1.7 billion.
That’s up from $1.17 billion at the end of September.
Mairs had committed to growing loans using the proceeds of a recent bond raise which netted $1.2 billion. About $750 million of the bond proceeds was dedicated to growing the loan books of both Dolla and Ultra.