Assetz Capital has now been accredited as a recovery loan scheme lender.
The team at Assetz Capital, which serves as a marketplace lending platform, notes that the lender will be delivering property-secured loans “between £250,000 and £10m” to SMEs across the United Kingdom, covering commercial mortgages as well as development finance.
This news comes after Assetz Capital received accreditation as “a provider of the previous Coronavirus Business Interruption Loan Scheme (CBILS), under which Assetz Capital delivered £370m of funding.”
As mentioned in a blog post by the firm, the Recovery Loan Scheme, administered by the British Business Bank, is designed “to support access to finance for businesses across the UK as they recover and grow following the coronavirus pandemic.”
The company further explained that the scheme “enables lenders to provide facilities of up to £10m to UK SMEs and gives the lender a government-backed guarantee against the outstanding balance of the facility.”
The Assetz Capital team also shared:
“The funds can be used for any legitimate business purpose, including managing cashflow, growth and investment and the scheme is designed to appeal to businesses that can afford to take out additional finance for these purposes.”
Stuart Law, CEO at Assetz Capital, stated:
“We are pleased to be accredited and we look forward to helping even more SMEs recover from the impacts of the pandemic. We exist to support the growth of UK SMEs, so being accredited as a lender under RLS is a natural step for us after our success delivering CBILS and our previous £1bn of further lending outside of the pandemic.
“It is SMEs that will power the UK economy as we exit the pandemic and ensuring they have continued access to finance is critical, and we look forward to playing our part.”
Assetz Capital has “lent approaching £1.5bn since its inception in 2013 to UK SMEs and housebuilders,” the firm’s management confirmed.
As reported recently, Assetz Capital has added two executives to its bridging team to accelerate the growth of bridge loans. Assetz Capital states that the moves signal a strategic focus on the bridging market for the lender. The Fintech says it wants to expand into more segments of the property-secured lending marketplace.
Assetz Capital reports that Laleta Buctkuar joins after 12 years at Together and more recently at Roma Finance.
Colin Mottram has been promoted internally from senior relationship manager having been at Assetz Capital for two years, and prior to that held commercial roles with Lloyds Banking Group and the Royal Bank of Scotland.