Following a review of its commercial finance proposition, peer-to-peer lending platform RateSetter has announced that it is going to simplify its commercial finance product suite to focus solely on property-backed and asset-backed lending.
RateSetter will continue to offer lending into consumer, business and motor finance markets, however, the commercial finance offer will no longer include unsecured business finance.
RateSetter’s commercial finance offering is now as follows:
Property-backed:
Development loans
Investment loans
Asset-backed:
Business Hire Purchase
RateSetter has now stopped accepting new unsecured business loan applications. R
RateSetter CEO, Rhydian Lewis said “By simplifying our commercial finance product offering and focusing our resources on lending secured on property and other tangible assets, we have a clear framework around which to grow our commercial finance volumes and continue to deliver access to healthy returns to investors.”