Assetz Capital withdrawal requests return to typical levels

Assetz Capital has said that withdrawal requests from its access accounts have returned to normal levels.

The peer-to-peer secured business lender said that as of 1 May, only three per cent of investors using its autoinvest products – called its access accounts – had requested all of their funds to be released.

Less than a quarter of investors in the access accounts have a withdrawal request in the queue and Assetz claims that hundreds of new investments are being deposited on the platform every week.

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“It’s heartening to not only see new withdrawal requests drop, but also the overwhelming majority of investors keeping their investments with us,” said Stuart Law (pictured), chief executive at Assetz Capital.

“Even in the face of forbearance and delayed payments from many borrowers, our conservative cash holdings within borrower accounts permit us to continue making interest payments for a period.

“It’s one of many examples of us planning as best as we could for testing economic conditions.

“We will continue to make decisions that are practical, pragmatic and which protect the long-term interests of our investors.”

At the start of this month the platform introduced a funds under management lender fee following a substantial fall in Assetz Capital’s income due to Covid-19.

And in April, the overwhelming majority of the platform’s investors voted in favour of its proposed forbearance measures to help borrowers survive the pandemic.