With seven days left to submit a signed CBILS application form, Assetz Capital has seen a sharp rise in enquiries and applications.
Assetz Capital has urged intermediaries to submit their clients’ Coronavirus Business Interruption Loan Scheme (CBILS) applications as soon as possible, ahead of the government deadline of 30 September 2020.
Under CBILS the first 12 months of interest on the facility and any arrangement fees are paid by the UK government as a Business Interruption Payment.
This means that businesses will benefit from no upfront costs and lower or no initial repayments, as well as financial support for some professional fees.
With seven days left to submit a signed CBILS application form, Assetz Capital has seen a sharp rise in enquiries and applications for both commercial mortgages and residential property development CBILS loans – and has urged intermediaries to take advantage of the scheme before the window closes.
Mark Standley, national commercial director at Assetz Capital, said: “We have been truly delighted with the flow of enquiries from our introducer relationships, who are working hard to support their clients through challenging times.
"With the CBILS deadline fast approaching we would urge both brokers and borrowers to pull out all the stops in submitting any outstanding signed applications – as it stands the scheme closes 23:59 on the 30th September 2020 and late applications cannot be accepted under any circumstances.
“We are currently working on well over £200m of what appear to be supportable requests for funding from new and existing borrowers and expect that number to increase dramatically as we approach the 30th September.
“We’re committed to helping even more UK SMEs and property developers access the finance they need through a CBILS loan. Our team is at the ready to work through all the applications that come in, but it’s important for intermediaries and borrowers to act fast to avoid missing out.”
