Peer to peer lender Assetz Capital has announced that it has surpassed the £1 billion mark for lending to SMEs and housebuilders across the UK since 2013.

As part of its business lending, Assetz Capital has been a key supporter of the UK housing market, funding a total of 4,846 new homes since its inception. The firm has now funded the construction of one in every 100 new homes built in the past year, the entirety of the growth in new housing starts. In the North alone, Assetz Capital has funded more than 340 SMEs, as well as the construction of in excess of 2,000 new homes.

Chief Executive Stuart Law said: “Peer-to-peer lending – having started out as a financial initiative by the Government to help address the huge shortfall in business lending – has now grown to become one of the most viable forms of alternative finance in the UK.”

“In the seven years that we’ve been operating we’ve continued to see low interest rates and insufficient business lending from the banks, and there are no signs of this changing any time soon. Our peer-to-peer model will continue to support economic growth through UK businesses and housebuilders in 2020 and beyond.”

“Having funded around one in 100 new homes built last year and supported many thousands of jobs, we have firmly established ourselves as one of most successful providers of much-needed income for investors, as well as being a much-needed funder of growing businesses and, in turn, the UK economy.”