ASSETZ Capital has launched a commercial mortgage product offering a six-week turnaround for borrowers.
The peer-to-peer lender’s Express Commercial Mortgage is available throughout the UK for loan sizes ranging between £150,000 and £750,000. It targets a turnaround from initial enquiry to completion within six weeks.
The product is designed to support owner-occupier borrowers and commercial landlords who have identified new investment property and seek quick access to funding.
Borrowers will pay a rate of 6.99 per cent, fixed for five years, up to a maximum loan-to-value (LTV) of 70 per cent.
To deliver the product to the broker community, Assetz has partnered with 10 commercial distributors including Touchstone Corporate, Mortgages for Business, Brightstar, Crystal Specialist Finance, Positive Lending, Vantage Finance, Complete FS, Omega Commercial Solutions, Sirius and Y3S.
“Our new Express Commercial Mortgage addresses a gap within the market as borrowers are increasingly seeking quick access to finance to secure their investment opportunities or to strengthen their businesses position, but without the laborious processes,” Damien Druce (pictured), director of intermediaries at Assetz Capital, said.
“Our six-week Express Commercial Mortgage aims to break down these barriers, offering access to funds in half the time of a traditional lender.
“We’re constantly looking to develop our product range to identify and address niches within the industry, and we will continue to make lending more accessible, intuitive and effective for borrowers.”