Mortgages  

Connect partners with P2P lender

Connect partners with P2P lender

Broker network Connect for Intermediaries has partnered with a peer-to-peer lender to distribute its products to commercial borrowers.

The network partnered with Assetz Capital, which provides non-bank loans to small and medium enterprises and property developers and will offer commercial loans, development finance, bridging and buy-to-let products to broker clients.

The P2P lender’s rates start at 0.59 per cent per month for a bridging loan, 6.9 per cent per annum for commercial mortgages and 6.4 per cent for buy-to-let products.

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Assetz says it has lent more than £600m to businesses in the UK, returning £47m to its investors.

Liz Syms, chief executive at Connect for Intermediaries, believes Assetz will help add value to Connect's brokers.

Ms Syms said Connect does a lot of work with foreign nationals and ex-pats, a demographic which Assetz also lends to. 

She said: "As a network we are very keen to make sure our members have access to more specialist lenders available in the market - our member demographic have clients that are quite heavily based in the commercial market, so partnering with Assetz is a very good fit for us."

Ms Syms said Connect tests pilot cases internally before bringing a lender on board, and was impressed with Assetz's performance - in one example they offered a five-day turnaround on funding for the redevelopment of a hotel into six self-contained flats, she said.

She added: "We are highly flattered that Assetz has chosen Connect for Intermediaries as the first network to partner with and distribute its products through."

Damien Druce, director and head of intermediary sales at Assetz Capital, said the partnership was a significant step for the lender.

"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 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."

rachel.addison@ft.com