Assetz Capital has reduced rates by 0.45 per cent across some of its loan products until 31 July.
The ‘summer rate reduction’ offers a cut in the peer-to-peer lending platform’s annual rates across bridging, commercial mortgages/investment, small- and medium-sized enterprise secured, development finance and residential refurbishment products.
Borrowers need to have accepted terms and paid fees to instruct professionals on the back of a valid decision in principle, in order to secure the offer.
Assetz Capital said that after lending huge sums though the state-backed coronavirus business interruption loan scheme (CBILS), the platform has seen an increase in demand over the past few months since launching its 0.65 per cent bridging product in April, which is currently discounted to 0.61 per cent.
“We’re delighted to make this promotion available to our brokers and their borrowers,” said Mark Standley (pictured), national commercial director of Assetz Capital, in a blog on the platform’s website.
“The initiative is designed to help our brokers win more business as we are finalising our CBILS pipeline and launch a refreshed and sharper proposition across our traditional product sets following the pandemic.
“We’re now supporting property secured loans up to 75 per cent loan-to-value between £150,000 and £10m on a wider range of solutions and competitive pricing, whilst retaining the same high standards of personal service and reliability.
“Direct feedback from our intermediary network has helped to shape our new proposition, and so a 45-basis point reduction until the end of July is our way of saying thank you.”