Peer-to-peer lender Assetz Capital has launched an express commercial mortgage product, designed to support owner-occupier borrowers and commercial landlords.
The commercial mortgage is available throughout the UK, including Northern Ireland, with a loan size between £150,000 and £750,000.
The product offers flexible repayment options including interest only, repayment or part and part.
It is available at 6.99 per cent, fixed for five years up to a maximum loan to value (LTV) of 70 per cent.
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.
Growing number of funding options
Director of intermediaries at Assetz Capital, Damien Druce (pictured), said the express commercial mortgage addresses a gap within the market as borrowers were increasingly seeking quick access to finance.
He added: “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 are 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.”
Steve Olejnik, managing director at Mortgages for Business, said that this is an exciting proposition from Assetz Capital, which will prove to be a useful addition to the growing number of funding options available to brokers and borrowers.
“The commercial mortgage will be the difference for those who require finance fast in order to meet deadlines, and I have no doubt that the product will be a huge success for the firm.”
David Warnes, partner at Touchstone Corporate, added: “As commercial finance brokers we have long hoped for a speedy solution for our clients, contrary to the current climate.
“The specialist market place has grown substantially in the last five years, but efficiency seems to have been left behind. We are very pleased Assetz Capital have now addressed this issue with a constructive and innovative facility, built around an impressive and timely process.”