Assetz Capital has agreed a deal with Connect for Intermediaries to be the first network that it distributes its products through.
The peer-to-peer lender 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.
It will provide both first and second charge loans with rates starting from 0.59% per month for its bridging loans, from 6.9% per annum for commercial mortgages and from 6.4% on buy-to-let. It will also lend to both expats and to foreign nationals.
Damien Druce, director and head of intermediary sales at Assetz Capital, described this deal as a ‘significant step’ to work with Connect.
“The reason we chose Connect for Intermediaries is because of its in-depth understanding of the specialist market,” he said.
“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.”
He added: “We believe that this partnership with Connect will help us to accelerate our growth even further.”
Although only five years old, Assetz is now one of the largest peer-to-peer lenders in the UK, lending in excess of £600 million to UK businesses to date and retuning £47 million to its investors.
Its commitment to bespoke lending will complement Connect’s promise to both a high level of specialism and mainstream mortgages, with specialists on hand to help every broker who needs it.
“We are highly flattered that Assetz has chosen Connect for Intermediaries as the first network to partner with and distribute its products through,” said Liz Syms, chief executive officer of Connect for Intermediaries.
“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.
The partnership with Assetz Capital and Connect for Intermediaries takes effect immediately.