Assetz Capital grows lending balances by 60%
The P2P lender has now provided £820m to UK businesses in its six years of trading.
The majority of its funding in the past 12 months has been for development finance, for which it has completed 147 deals worth £170m, leading to the construction of 1,706 homes.
It has also funded 124 commercial mortgages in the past year, valued at £63m, compared with the £84m it had previously funded since its inception.
Earlier this year, Stuart Law, CEO and founder of Assetz Capital (pictured above), told Bridging & Commercial that it expected to have a £1bn loan book in less than three years.
Stuart said: “In recent years, P2P loans have become more popular among the underserved small and medium business owners across the UK, acting as an increasingly sought-after alternative to bank loans.
“Having added £300m to our lending balance in only one year, we are rapidly approaching the £1bn total lending milestone, and we expect to maintain this momentum for the rest of the year.
“In order to increase lending further, we have invested resource in the development of unique products and growing our regional relationship director team to provide face-to-face service and loan structuring.
“We plan to introduce more innovative solutions to meet the ever-changing demands from borrowers and intermediaries and continue to grow our market share in the alternative lending space.”
- July 19, 2019