Peer-to-peer small business lender Assetz Capital said it has hired former Lloyds Bank manager as it upgrades operations in Scotland.
Colin Mottram has been taken on as senior relationship manager in Scotland and the lender said he will be tasked with “securing and completing deals, as well as forging and building relationships with new and existing clients”.
Mottram most recently worked as a relationship manager at Lloyds Banking Group’s business bank.
The Manchester-based lender added that as part of the reorganistion of its Scottish operations that Fraser Clark, who is currently a UK regional support director, based in Edinburgh, will become a relationship director for the firm.
Scottish upgrade
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.
Assetz Capital’s Clark said: “Peer-to-peer lending has become increasingly important as a funding stream for businesses and developers.”
John Hewitt, regional director, UK – north at Assetz Capital added: “Fraser has been a fantastic member of the Assetz team in Scotland, and I’m delighted to have him continue working in his new role as Relationship Director. To have him joined by another superb individual in Colin is a further boost to the operations in Scotland.”
Last month, Assetz Capital said it has funded 60 per cent more loans, or £300m, over the last 12 months than the previous five years combined, bringing the total amount it has lent to British businesses to £850m since it was founded seven years ago by chief executive Stuart Law (pictured).
New UK 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.