Assetz Capital has revealed that it has a £300m pipeline of coronavirus business interruption loan scheme (CBILS) applications.
The peer-to-peer business lender’s chief executive Stuart Law (pictured) said in a note to investors that its lending under the scheme is increasing.
“Our lending through CBILS has started to gain momentum and we’re now working through an extended pipeline of well over £300m worth of development loans and commercial mortgage applications,” Law said.
“Supporting small- and medium-sized businesses and housebuilders, even in the most challenging of times, is one of our founding principles and we’re thrilled to have such an active part to play in the solution during such an unprecedented situation.”
Law also warned that the new lockdown in England could mean an increase in forbearance measures but said investors would be able to vote on changes for each loan.
“The leisure and hospitality sector have been one of the hardest hit during this pandemic and we are continuing to work proactively with these borrowers,” Law added.
“Whilst the number of borrowers we have in this sector is limited and those requiring forbearance is an ever-diminishing number, we do expect a small uptick as a result of a second lockdown.
“Considering this we will be taking a more bespoke approach to forbearance with lender voting on a loan-by-loan basis. We will provide more information on this in due course.”