Manchester-based Peer-to-peer lender Assetz Capital has now lent more than £700m to SMEs and property developers, as the appetite for alternative forms of finance continues to rise across the UK.
Since launching in 2013, the lender has provided alternative finance to businesses and property developers in the UK to support both current and future projects for continued growth.
Assetz has enjoyed substantial progression, lending over £200m in the eight months since it reached its milestone lending total of £500m back in June 2018.
Recent highlights include Winrise One Ltd, for the construction of a purpose-built student accommodation scheme in Nottingham, which comprises 124 self-contained studio apartments along with an on-site cinema room, laundry room and communal spaces.
Assetz is also working with intermediaries and borrowers across other products such as bridging and refurbishment loans. A recent example is Thorndyke Developments Limited, where £340,000 was advanced for the purchase and renovation of Ty Nel Trefengan Farm. The four-bedroomed house in Anglesey is to be refurbished for use as a bed and breakfast business.
Assetz’s strong performance has coincided with the development of the peer-to-peer (P2P) lending sector in the UK. This form of finance has grown rapidly in recent years; according to the Peer-to-Peer Finance Association (P2PFA), the sector’s contribution to the UK economy approached nearly £11 billion in September 2018.
Stuart Law, Chief Executive at Assetz Capital, commented: “In recent years, peer-to-peer finance has become more popular with UK SMEs, acting as a viable alternative to bank loans. The flexibility of our products has been recognised by both businesses and their intermediaries, which has led to the remarkable growth we’ve achieved in the last eight months.
“Whilst this is an impressive milestone, there is still plenty of capital to invest. We’re constantly looking to develop our product range to match the changing needs of business owners, and we will remain committed to serving ambitious SMEs and property developers that struggle to obtain funding through traditional means.”