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Assetz Capital Is Back!
Assetz Capital announced in July that the long-lasting lending queue to put new money in its automated accounts finally started to shrink. More recently it has announced that all the money that had been waiting has now been put to work.
Lending flows released due to more loans
Data supplied by Assetz Capital to 4thWay shows that it has arranged three times as much in new lending facilities through its platform in 2022 when compared to the whole of last year. That's about £80 million so far.
Previously, lenders were facing a long wait to lend, because Assetz primarily approved government-backed pandemic loans for about two years. Pandemic loans were not allowed to be funded as P2P, so financial institutions were funding them instead.
This huge increase in lending is the reason why the lending queue has finally been cleared.
Assetz Capital lending rates
Lending rates have gone up a little over the course of this year, but both borrowing and lending rates are still lower than before the pandemic.
Probably the primary reason for this is because Assetz Capital tightened its lending criteria after the pandemic started. As it's been looking for better borrowers, those borrowers can demand and get better borrowing rates.
The advertised lending rate for its highest-paying automated account is now 4.5%, which works out as 4.59% when you re-lend repayments and interest you receive. The latter figure is how most P2P lending companies calculate the rates they publish, so it's more meaningful.
Prior to the pandemic, lending rates for this account were 5.75%, or 5.9% with re-lending.
We've slightly updated the Assetz Capital Review today, but there's not much more new information in it that I haven't covered here.
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