Assetz Capital will act as a key distribution partner for Atom commercial mortgage loan applications covering all UK regions
British Atom bank has partnered with specialist originator Assetz Capital to broaden access to commercial mortgage loan applications in the UK.
A commercial mortgage loan is secured by commercial property, such as an office building, shopping centre, industrial warehouse, or apartment complex. Owners typically use the proceeds from a commercial mortgage to acquire, refinance, or redevelop commercial property.
In an Aug. 30 press release, the partners explained that Assetz Capital will become the principal introducer of commercial mortgage loan applications to Atom bank. The business lender has shown strong direct lending growth, surpassing £1.7bn of property-secured business lending completions since its launch.
For Atom, the partnership is a way to scale its services to the new areas of the UK market. The bank has generated over £1 billion in commercial mortgage quotes since April. It has also recently launched broker-instructed valuations and sped up its commercial mortgage underwriting process.
Digital Mortgages by Atom bank launched in December 2016 to be further rebranded and unified under the Atom bank brand.
“A partnership with a specialist originator such as Assetz complements our existing broker network and provides us with access to new professional and direct markets for commercial mortgages,” said David Castling, Head of Intermediary Distribution at Atom bank.
“We are excited that Atom bank has strengthened its commitment to supporting small businesses through us. Alongside a wide range of institutions, it’s great to see our model being leveraged as a key solution towards increasing the flow of funding to the economy at this time of need,” added Andrew Charnley, Managing Director of Assetz Capital.