Investors supported the measures aimed to help borrowers survive the economic slowdown caused by Covid-19.
The vote saw a small proportion of lenders vote against borrower support.
Stuart Law, CEO at Assetz Capital (pictured above), explained borrowers would still have to pay their interest for the extension, which would accrue on loans for eventual repayment later.
- Masthaven launches new broker portal offering instant DIPs for bridging
- Assetz Capital to launch broker portal after Covid-19 crisis
- Assetz Capital surpasses £1bn lending milestone
“We want to find ways to help borrowers manage and survive this difficult situation — and this allows us to provide forbearance and loan extensions in some cases, although it doesn't affect any presently defaulted loans that will continue on their current plan.
“Our borrowers are the beating heart of the British economy.
Stuart added Assetz Capital will announce further measures in the following weeks.
“This is one part of our much wider short-term plan that we are executing to protect investors and borrowers during these unprecedented times.
Leave a comment