Assetz Capital, which launched into the bridging sector just over three weeks ago, has welcomed Ken Purchase as its new Head of Bridging.

As exclusively announced by B&C two weeks ago, Assetz Capital has set its sights on lending £100 million to SMEs and property developers - and has lent more than £9.3 million since its launch back in April.

Ken, who began his role at the start of the month, was previously the Managing Director of principal bridging lender, Pure Bridging. On his new appointment, Ken commented: “The peer-to-peer lending world holds many exciting possibilities.

“Assetz Capital has proved that its model works well for property finance, so for the company to add to the types of loans it already does makes complete sense: the market is there, and businesses need transparent, thoughtful finance options such as ours.”

For 25 years, Ken Purchase also held numerous senior roles at Citigroup, working on project finance, loan syndication and trade finance. Ken plays a vital part within the property division of Assetz Capital lead by David Penston, whose experience entails a spell as Director at Icelandic Bank Kaupthing Singer & Friedlander.

Stuart Law, CEO of Assetz Capital, said: “Thanks to a hugely experienced team, Assetz Capital has grown extremely quickly. Our model, which incorporates security into all loans, works well for investors, and means we get quality businesses seeking the right type of finance. Expanding our offering through the appointment of Ken will be no different. Expertise and security are at the heart of Assetz Capital so by expanding our existing finance options, we expect to grow at an even faster rate.”

All bridging loans from Assetz Capital are secured on first charges only.

Supporting its target of £100 million of lending,  Assetz Capital completed a £1.7 million commercial facility at the end of last month.