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 Express Commercial 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.
A further feature is a competitive interest rate of 6.99%, fixed for five years up to a maximum loan to value (LTV) 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.
Assetz Capital provides a range of options to customers, including secured SME term loans, development finance, bridging finance and buy-to-let for landlords. Since launching in 2013, the lender has provided more than £700m to businesses and property developers in the UK to support both current and future projects for continued growth.
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.”