Peer-to-peer lender Assetz Capital has agreed a deal with Connect for Intermediaries to be the first network that it distributes its products.
Assetz Capital will provide commercial loans, development finance, bridging and buy-to-let to brokers who are part of its specialist network or use the Connect for Intermediaries packaging arm.
Liz Syms, chief executive of Connect for Intermediaries, said: “We are highly flattered that Assetz has chosen Connect for Intermediaries as the first network to partner with and distribute its products through.
“We are always looking to add additional value for the brokers who work with us and Assetz will certainly help us to achieve this with an attitude of wanting to help every borrower and completely bespoke underwriting.”
Damien Druce, director and head of intermediary sales, said: “It was a significant step for us to work with a network and the reason we chose Connect for Intermediaries is because of its in-depth understanding of the specialist market.
“Connect helps brokers to put their cases together and carries out all the packaging and administration for both ARs and DAs so we know that the quality of cases that we receive from Connect will always be exceptionally high.
“We believe that this partnership with Connect will help us to accelerate our growth even further.”
The partnership with Assetz Capital and Connect for Intermediaries takes effect immediately.
Assetz will provide both first and second charge loans with rates starting from 0.59% per month for its bridging loans, from 6.9% pa for commercial mortgages and from 6.4% on buy-to-let. It will also lend both to ex-pats and to foreign nationals.
Although only five years old, Assetz is now the largest peer-to-peer property lender in the UK. It has lent in excess of £600m to UK businesses to date and returned £47m to its investors.