Following its recent four-week promotional interest rate rise on its 30 Day Access Account, UK peer-to-peer finance platform Assetz Capital has seen more than GBP10 million of new investment in P2P loans, with one week still to go on the offer.
Since the rate increase went live on 13 April, investors have had access to a target, capped return of 4.75 per cent per annum gross (before allowances for tax or any possible losses) and still have until midday on 11 May to take advantage of the new rate.
Investments in the 30 Day Access Account made before this date will benefit from the increased target rate for up to 90 days.
Stuart Law, CEO of Assetz Capital, says: “Due to strong borrower demand we decided to temporarily raise the target rate on our 30 Day Access Account. This has gone against the grain in a period where many P2P platforms have been dropping rates. It's been a roaring success as new investment in peer-to-peer loans has flowed into the account."
The 30 Day Access Account allows lenders to invest automatically in both short and long-term loans and interest is earned and paid monthly. Many investors choose to invest for the long term in these accounts but like the prospect of relatively easy access in normal market conditions, although we make it clear that access times cannot be guaranteed. The 30 Day Access Account always retains substantial cash balances in order to facilitate access for investors who want to liquidate their investment after the 30 day notice period.
Over GBP200 million of withdrawals have been facilitated since launch across all of the Access Accounts and all those have been delivered on the expected time and date.
Investors can automatically invest any amount from GBP1 in a diverse portfolio of secured business loans that have passed Assetz Capital’s strict credit checks.
Law adds: “The start of 2017 has been an incredibly successful one for Assetz Capital and both our investor and borrower demand is increasing exponentially. We expect to facilitate GBP250-350 million worth of lending this financial year and will be funding GBP30-40 million per month shortly."
Assetz Capital has over 19,000 registered investors and to-date over GBP245 million has flown through the platform, earning investors total gross loan interest of over GBP21 million.
