Assetz hits £200m milestone after successful year
ASSETZ Capital announced that it has now lent out £200m to businesses, after a record year of growth for the peer-to-peer lender.
The Stockport-headquartered firm, which helps small- and medium-sized enterprises (SMEs) and property developers find funding, lent over £45m in the last quarter of 2016, bringing the year’s total lending volume up to £108m.
Assetz broke its own monthly lending record last October, when it originated £26m of secured loans.
Read more: 2016: P2P’s record year
“Assetz Capital’s growth has been exponential over the past year as a result of the funding shortage for SMEs and the low interest rates on offer from banks,” said Stuart Law (pictured), chief executive of Assetz Capital.
“The fact that we’ve lent an incredible £108m last year is credit to our hard-working and experienced team. Another core reason to our success is our business model, which ensures all loans are backed up by property or other tangible assets.
“We believe that secured loans are the best investment model for our lenders and they allow us to achieve stable growth whilst keeping losses to a minimum.”
Read more: A look back – the key P2P events of 2016
Assetz Capital is not part of the Peer-to-Peer Finance Association (P2PFA), which released data on its eight members’ lending volumes earlier this week. Like Assetz, the P2PFA data revealed strong growth in lending volumes among the platforms, which Robert Pettigrew, director of the P2PFA said consolidated the sector’s position in the future of financial services. The eight P2PFA members lent out over £2.9bn last year.