LendInvest secures funding from Lloyds Bank to launch into homeowner mortgages
LendInvest, the UK’s leading asset manager for property finance, announces increased funding from Lloyds Bank now totalling £300m to support its entry into the UK’s £1.2tn homeowner mortgage market*.
LendInvest’s home owner mortgage product, which beta launched in December 2022 with a select group of mortgage brokers, is due to launch more widely in 2023.
The offering is LendInvest’s first entry into the UK homeowner mortgage market and is aimed at borrowers with multiple sources of income, the self-employed and small-business owners. LendInvest’s proprietary technology platform, which makes even the most complex of cases simpler and faster, improves the overall mortgage experience for homeowners.
LendInvest now has more than £3.6bn (£3.4bn as at 30 September 2022) of funds under management, providing investors with opportunities to gain exposure to the UK property finance market.
Rod Lockhart, chief executive officer at LendInvest commented: “We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300m as we take our first step into the homeowner mortgage market.
“There are a significant number of people in the UK with complex income streams – from barristers to actors to NHS contract workers – who find it harder to get a mortgage because of multiple income sources or less regular pay cheques. Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.
“The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017.”
*defined as total mortgages outstanding in the mainstream and specialist homeowner segments