Peer-to-peer lender Assetz Capital has reached a double milestone for lending.
The Manchester-headquartered firm has provided more than £100m in bridging finance and a further £50m in SME funding, as the appetite for alternative forms of finance continues to rise across the UK.
Assetz’s performance has coincided with the development of the bridging loan sector in the UK.
Highlights include a refinance for Poplar Investments – a completed block of apartments in Belfast – which offers the potential of developing a longer term debt product with Assetz Capital.
The company also provided a £320,000 gross loan to St Florence to assist with the refinance and refurbishment of an investment property running as a public house with letting rooms.
Assetz is also working with intermediaries and borrowers across other products such as buy-to-let and development loans.
It recently worked with Crystal Specialist Finance to secure a £1.7m mortgage on a new-start Surrey-based nursing home incorrectly valued as residential property two years’ previously.
Damien Druce, director of intermediaries at Assetz Capital, said: “In recent years, alternative finance solutions have become more established and accessible for smaller businesses across the UK, acting as viable alternatives to bank loans.
“Bridging loans have increased in popularity, due to their speedy execution and convenient interest payments which are typically rolled up over term, rather than paid monthly. Likewise, SME loans hold benefits including flexible offerings and interest payments that can improve cash flow and working capital for smaller organisations.
“At Assetz, we are pleased to contribute to supporting SMEs across the UK with our flexible products.
“Whilst we have reached this impressive double milestone, we are still moving forward with plans to invest further capital.
“We’re constantly updating our product range to support the needs of business owners and remain committed to assiting SMEs and property developers that struggle to obtain funding through traditional means.”
