Assetz Capital has launched Series 2 of its “Great British Business Account” (GBBA), offering investors a capped target gross interest rate of 6.25 per cent per annum.
According to the online lending platform, the Series 2 is “more tailored to current market conditions to capture a wider range of higher-quality loans” than its predecessor, GBBA Series 1.
Only yesterday, Assetz Capital launched its Innovative Finance Individual Savings Account (IFISA) tax wrapper, currently available on all automated investment accounts with its Manual Lending to be included in early 2018.
“The launch of GBBA Series 2 caps off a brilliant year for the company and its investors and borrowers, and we have many more innovations in the pipeline for 2018,” said Assetz CEO Stuart Law.
“This Series 2 account is very similar to the previous Series 1, but has a slightly lower capped gross target interest rate in order to allow a wider spectrum of loans into the account.
“We have continued to increase our average loan quality and our loan book now stands at an average of around 60 per cent loan-to-value, providing a healthy level of asset security on each loan.”
Assetz Capital provides non-bank loans to small and medium-sized enterprises and property developers in the UK, helping them gain access to finance for their projects and future business growth.
The platform is the second largest business lender in the UK by volume, with a little under £400m lent to date, according to AltFi Data. According to the company, its lenders have learned £32m in gross interest since its launch. Assetz unveiled a new brand and website late last week.
The peer-to-peer lender received full approval from the Financial Conduct Authority in September this year.
