Ken Purchase, formally the managing director of Pure Bridging, has been recruited as part of Assetz Capital’s plan to lend £100m in the next 12 months.
Prior to his position at Pure Bridging, Purchase worked in various senior roles within Citigroup over a 25-year period working specifically on products in project finance, asset finance, loan syndication and trade finance.
Assetz Capital was launched in April this year and to date it has lent more than £9.3m to SMEs and property developers.
Stuart Law, chief executive 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.”
Purchase said: “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.”
