ASSETZ Capital has secured a new line of institutional funding that it says will widen its scope and scale of lending.
The peer-to-peer lender said the unnamed institutional investor was part of a $100bn (£71.5bn) global multi-asset manager and would provide funding dedicated to the residential property bridging, refurbishment and conversion markets.
Stuart Law, chief executive of Assetz Capital, said the new partnership would help develop a wider range of funding for business borrowers and their intermediaries.
“This new institutional funding line is with a major institutional group that has the capacity to support a substantial amount of ongoing funding,” he said.
“It is also one that we know will further widen the scale and scope of lending to the businesses that we support. In particular, it is part of our planned expansion into the residential refurbishment market, an area which we expect will grow strongly in the years to come as an alternative to buy-to-let investing.”
It comes after Assetz Capital last week announced that almost 3,000 investors had started the process of setting up an Innovative Finance ISA (IFISA) with the lender, putting an average of nearly £12,000 into the product.
Assetz Capital said rising inflation, lacklustre interest rates and volatile stock markets are pushing investors towards P2P lending.
Read more: Assetz Capital expands into Northern Ireland