Assetz Capital hires bank veteran as relationship director

The Manchester-based platform employs Chris Mason, who has worked at Barclays, Bank of Scotland and Handelsbanken.

Peer-to-peer small business lender Assetz Capital said it has hired a veteran banking broker as one of its relationship directors.

Chris Mason (pictured) will be tasked with boosting the business of the Manchester-based platform, by working with brokers to fund property developers with development finance, property investment, commercial mortgages and bridging loans. He will cover East Anglia, the East Midlands and London.

Mason, has worked in banking for 37 years, spending over two decades in various posts at Barclays. He later worked as a property finance new business director at the Bank of Scotland, and most recently switched to corporate banking at Germany’s Handelsbanken.

Assetz Capital competes against a range of alternative lenders such as FTSE 250-listed Funding Circle, and small outfits such as Capital on Tap and Growth Street. 

‘Growth potential’

Mason said: “I am particularly keen to have the chance to help property developers and investors to realise their growth potential. My new role will allow me to have much greater flexibility when considering funding requests in comparison to the more traditional lenders.”

Assetz Capital founder and chief executive Stuart Law added: “Chris has spent many years working in the industry, and his experience in the commercial lending space will have a huge impact on our deal origination in the South, supporting customers with specific finance needs through their funding journey.”

Last month, Assetz Capital said it has funded 60 per cent more loans over the last 12 months than the previous five years combined, bringing the total amount it has lent to British businesses to £820m since it was founded seven years ago.

New homes

It added that 147 of the development finance deals it struck over the last 12 months, valued at £170m, led to the construction of 1,706 homes. It claims this amounts one in 100 of all new UK homes built during this period. 

Alternative lending mushroomed in the aftermath of the 2008 financial crisis, when high-street banks scaled back their loans to small businesses, fearing defaults.