P2P lender reaches £500m lending milestone

The alternative finance provider has seen lending rise 100% since April 2016 and hopes to double the amount lent to SMEs to £1bn in the next 12 months.

Nucleus Commercial Finance has seen strong growth across all its lending products, which include asset finance, construction finance, invoice finance, property finance and cash flow finance.

The lender is looking to expand its product offering during 2017 and said it would continue to invest in its infrastructure to support its growing customer base.

Nucleus also revealed it would be making three significant hires to its asset-based lending team.

“Whether seeking capital investment, working capital or replacing bank financing, we’re attracting a growing number of businesses thanks to our specialist team’s ability to understand customers’ financing needs and provide timely, tailored solutions,” said Chirag Shah, CEO of Nucleus Commercial Finance (pictured above).

“There are over five million SMEs in the UK and they are absolutely vital to the country’s economic success.

“Brexit, of course, creates uncertainty and it will be more important than ever for businesses to be able to get quick lending decisions so they can continue to invest and prosper.”

Chirag added that the lending industry had a critical role to play in developing the associated solutions and educating businesses on the options available to them.

“The alternative lending sector has enormous growth potential and we believe that our broad product range and flexible approach means we’re well placed to increase our market share.

“We’re confident that we can continue the current pace of growth over the next five years and are developing our products and adding to our expert team to facilitate this.”