Assetz Capital is planning to resume lending within its access accounts next month and is launching a product for those who don’t want their money reinvested.
The peer-to-peer business lender has been hit by a swathe of withdrawal requests since the pandemic outbreak last year and that, as well as the economic climate, has limited lending opportunities.
It also introduced a lender fee in May 2020, which is due to be removed in June.
In February, Assetz Capital said it plans to return to new lending via its manual lending accounts and access accounts in the coming months, as the platform works to return to pre-Covid operations.
The platform has now told investors it is ready to resume access accounts lending in April.
“We’ve been working very hard behind the scenes to improve liquidity in the access accounts and to materially reduce the withdrawal queue,” the message said.
“As we’ve always noted in our disclosures on the website, immediate withdrawals cannot be guaranteed if we move outside of normal market conditions, as happened a year ago.”
The platform said £100m of withdrawal requests have been returned and the rest of its queue will be “entirely eliminated” over the coming months.
“That means that the accounts should be operating again with stronger liquidity for withdrawals as they are intended to do for the majority of each economic cycle,” Assetz Capital said.
The message added that it recognised a “small number” of investors do not wish to participate in new lending so it is developing an exit account which has the “same broad characteristics” of the access product but with no new lending.