Assetz Capital has secured £15m of British Business Investments (BBI) funding to help boost housebuilding in the UK.
The peer-to-peer lender has become the first property-focused marketplace platform to receive funding from BBI, the commercial subsidiary of the British Business Bank.
The £15m commitment from BBI will support in excess of £100m of new lending to smaller businesses and smaller housing developers, helping Assetz Capital to fuel the development of new homes across the UK. The funding will be used for development finance loans and SME commercial mortgages originated by Assetz Capital, the lender said.
Since being founded as a fintech start-up in 2013, Assetz Capital has lent more than £1bn to smaller businesses and housebuilders, and funded the development of 4,846 homes across the UK.
Assetz Capital CEO, Stuart Law, commented: “Assetz Capital was founded to help resolve the housing crisis and create a fairer lending landscape by providing funding to SMEs and property developers who were no longer being fully supported by traditional banks.
"The support of BBI is a further milestone in this mission, and we are grateful for their new backing towards our continuing commitment to addressing the housing crisis and SME funding gap.
“It’s a testament to the impact that can be delivered by Assetz Capital and a welcome addition to our growing stream of institutional funding sources including other banks and investment funds.”
BBI CEO, Catherine Lewis La Torre, added: “This £15m commitment to Assetz Capital supports BBI’s objective to increase the diversity and supply of finance for smaller businesses across the UK. By providing finance to smaller housebuilders, we’re able to help them to fulfil their growth plans and increase the country’s new housing stock.”
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