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Assetz Capital has said that investors’ funds in the access account queue are now entering the access accounts, thanks to a growing pipeline of loans that are expected to drawdown in the coming months.
The peer-to-peer business lending platform altered the way its access accounts work during the pandemic, as heightened withdrawal requests reduced liquidity. It introduced a queuing system and a withdrawal fee that would only be charged during “non-normal market conditions.”
There is currently a queue for new investments in Assetz Capital’s access accounts due to the level of demand.
“We’re delighted to inform you that funds in the access account queue are starting to enter the access accounts, and you may be able to see a reduction in your queued funds,” the platform said in an emailed update to investors.
“Please keep up to date on the access account marketplace through your dashboard. You may have noticed your active instructions have reduced as we have drawn more loans and have extra capacity. Plus, your past instructions will display the date, time and amount which have been entered into the access account.
Read more: Assetz Capital working on £20m loan pipeline to meet investor demand
“We have a growing pipeline of loans expected to drawdown throughout the coming months. This can be viewed in the platform dashboard under ‘marketplace – pipeline loans’.
Moving forward, Assetz Capital said it will be maintaining a small queue for investors to enter the access accounts to maintain provision fund contributions and help keep interest rates payable at the published target rates.
Assetz Capital said on its website that times will vary for funds to be fully invested, as investors will have to wait until there is sufficient capacity to accept funds. This can depend on the size of the investment and the volume of loans available.
“We have plans to significantly scale up our operations over the coming year and will continue to aim to provide our investors with attractive returns – which given the current surge in inflation impacting our cost of living, have never been such a necessary income for so many people,” the firm said.
Last November, Assetz Capital announced that it had restarted lending across all its loan products.
However, it is taking time to bring its retail loan origination back up to the level of investor demand.
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