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Peer2Peer Finance News | January 24, 2018

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Assetz Capital getting set for pre-Christmas IFISA launch

Assetz Capital getting set for pre-Christmas IFISA launch
Marc Shoffman

ASSETZ Capital is planning to launch its Innovative Finance ISA (IFISA) next week alongside a revamp of its website.

Stuart Law (pictured) chief executive of the business peer-to-peer lender, told Peer2Peer Finance News that 10,000 investors had registered interest in the product.

“We have heard figures of an average ISA contribution of £8,000; ours could be higher as our investors tend to be quite well-off,” Law said.

“There are a lot of relatively well-off people looking to transfer as well with million-pound ISA pots.”

He said the IFISA would be unveiled once the new website is launched. Only its auto-lending products will be available in the tax wrapper initially, with the manual investments due to be added in January or February.

Read more: How do you invest yours? The P2P firms offering auto-bid and manual lending

It comes as Liverpool-based property developer Mitty Group secured £1.9m of funding from Assetz Capital to develop two new residential and leisure sites in Merseyside.

Mitty Group, which specialises in refurbishing and restoring listed buildings, secured a £942,000 loan from Assetz Capital to fund its Regency Court Development in the Old Swan area of Liverpool. The funding will allow Mitty Group to transform Victorian town houses and former function suites into a block of 16 luxury apartments. It is expected to complete by September 2018.

The developer also secured a £1.04m loan to fund its Burscough Street Development in Ormskirk town centre. The finance will be used to restore a 350-year-old Grade II listed pub and transform a former barn into a 15-bed student accommodation block with restaurant space on the ground floor. The development will be within close proximity of Edge Hill University.

“As a business, we pride ourselves on restoring listed buildings to their former glory and the funding from Assetz has enabled us to get these two projects off the ground,” Adam Mitty, managing director at Mitty Group, said.

“We’re very excited about working with Assetz. It’s my first experience of P2P finance which came highly recommended. You get a much more personal service than dealing with the banks and it helps massively that the decision makers are only a call away.”

Read more: Assetz Capital to move HQ after running out of room

Read more: Assetz Capital to expand broker network “significantly”