AC seeking access to stimulus schemes from the government
Mar 23, 2020 20:35:11 GMT
Ton ⓉⓞⓃ, r00lish67, and 2 more like this
Post by sohao on Mar 23, 2020 20:35:11 GMT
A very interesting article on FT to give some perspective on what AC is working on behind the scene. Finger crossed AC is able to get some fund from central bank to go through this crisis:
www.ft.com/content/6633f55e-6d27-11ea-89df-41bea055720b
The article says that both RateSetter and Assetz Capital are "urgently" looking to get access to stimulus schemes offered by Bank of England to traditional banks as the risk of defaults increases due to coronavirus pandemic.
For AC specifically:
"Assetz Capital, a platform that makes loans primarily against secured property, received funding from British Business Investments, a subsidiary of the national development lender British Business Bank, earlier this month that it said would enable it to make more than £100m in loans.
“We’re looking for that to be expanded dramatically,” said Stuart Law, chief executive of Assetz. “The government needs to step up and support not just the banks but the lenders.”
He said the platform, one of the UK’s largest, would continue to “work with borrowers, hold our breath a little while and hopefully get some support from the government funding lines”
www.ft.com/content/6633f55e-6d27-11ea-89df-41bea055720b
The article says that both RateSetter and Assetz Capital are "urgently" looking to get access to stimulus schemes offered by Bank of England to traditional banks as the risk of defaults increases due to coronavirus pandemic.
For AC specifically:
"Assetz Capital, a platform that makes loans primarily against secured property, received funding from British Business Investments, a subsidiary of the national development lender British Business Bank, earlier this month that it said would enable it to make more than £100m in loans.
“We’re looking for that to be expanded dramatically,” said Stuart Law, chief executive of Assetz. “The government needs to step up and support not just the banks but the lenders.”
He said the platform, one of the UK’s largest, would continue to “work with borrowers, hold our breath a little while and hopefully get some support from the government funding lines”
