Peer-to-peer lender Assetz Capital has introduced its Express Commercial Mortgage, which seeks a turnaround from initial enquiry to completion within six weeks.
The product is available throughout the UK including Northern Ireland with a loan size between £150,000 and £750,000.
It 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.
It is priced at 6.99%, fixed for five years up to a maximum loan to value (LTV) of 70%.
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.
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.”
Steve Olejnik, managing director at Mortgages for Business, added: “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.”