As part of a new collaboration, Assetz Capital will become a key introducer of commercial mortgage loan applications to Atom Bank.
The expansion allows Atom bank broadened access to new areas of the UK market through a key distribution partner with an origination team covering the whole nation. The collaboration follows Assetz’s strong direct lending growth, having recently surpassed £1.7bn of property secured business lending completions since its launch.
The partnership follows the news that Atom bank has generated over £1 billion in commercial mortgage quotes since coming back on sale in April. The digital bank has recently launched broker-instructed valuations and made a swathe of key improvements to its commercial mortgage underwriting process, halving on average the time it takes for an underwriter to assess a broker’s case.
David Castling, Head of Intermediary Distribution at Atom bank, said: “We want to help as many businesses as possible, with our sights set on growth as we offer brokers and customers alike a better lending experience. A partnership with a specialist originator such as Assetz complements our existing broker network and provides us with access to new professional and direct markets for commercial mortgages.”
Andrew Charnley, Managing Director of Assetz Capital: “This strategic partnership with Atom will help Assetz to extend our reach in the owner occupied and professional property investor commercial mortgage market space nationwide. Atom bank is a further strategic partner for us, sharing Assetz customer values and, through this new relationship, expanding our funding support for commercial mortgages to all trading businesses, property investors and importantly also the large care sector. Both Atom and Assetz have played significant roles supporting SMEs during Covid-19, as accredited standalone lenders under the Coronavirus Business Interruption Loan Scheme (CBILS), and it is upon this support of the UK commercial mortgage market that we wish to build.
“We are excited that Atom bank has strengthened its commitment to supporting small businesses through us. Alongside a wide range of institutions, it’s great to see our model being leveraged as a key solution towards increasing the flow of funding to the economy at this time of need.”