Peer-to-peer lender Assetz Capital has launched an express commercial mortgage product which targets a turnaround from initial enquiry to completion within six weeks.
The mortgage is available throughout the UK including Northern Ireland with a loan size between £150,000 and £750,000. The product is designed to support owner occupier borrowers and commercial landlords who have identified new investment property and seek quick access to funding, offering flexible repayment options including interest-only, repayment or part and part.
Damien Druce, director of intermediaries at Assetz Capital, said: “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.
“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.”
There is a competitive interest rate of 6.99%, fixed for five years up to a maximum loan-to-value of 70%.
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.
Steve Olejnik, managing director at Mortgages for Business, added: “This is an exciting proposition from Assetz Capital, which will prove to be a useful addition to the growing number of funding options available to brokers and borrowers.
“The commercial mortgage will be the difference for those who require finance fast in order to meet deadlines, and I have no doubt that the product will be a huge success for the firm.”
David Warnes, partner at Touchstone Corporate, said: “As commercial finance brokers we have long hoped for a speedy solution for our clients, contrary to the current climate.
“The specialist market place has grown substantially in the last 5 years, but efficiency seems to have been left behind. We are very pleased Assetz Capital have now addressed this issue with a constructive and innovative facility, built around an impressive and timely process.
“We are very much looking forward to working further with Assetz Capital to assist our clients seeking a speedy solution to their complex investment opportunities.”