Property lending platform unveils new product shortly after clinching capital from Citi.
LendInvest has officially landed in the buy-to-let space. The property lender today launched its new product, specifically targeting professional property investors and landlords across England, Wales and Scotland.
The buy-to-let loans will range from £50k to £5m, with terms of up to 30 years, and maximum loan-to-value ratios of 80 per cent. They will be made available via intermediaries, with “highly competitive” rates, including 2, 3 and 5-year fixed rate products.
LendInvest secured a long-term warehouse funding deal with Citi earlier this month, paving its way into the buy-to-let market. The platform claimed this gave it the largest institutional capital base of any fintech lender in the UK.
In branching out into the buy-to-let space, LendInvest will directly compete with fellow fintech lender Landbay – a specialist in the field. To date, LendInvest has focused on short-term bridging finance.
The buy-to-let product is powered by an end-to-end paperless system which LendInvest says is designed to alleviate pain points in the process that will be familiar to brokers and their clients. Speed is a big focus.
Ian Boden, who recently joined the company as sales director from Aldermore (where he was head of commercial mortgages), explained: “Our online proposal system has been specially designed to be highly efficient, quick and easy to navigate, and lets brokers dip in and out of their clients’ applications at times that suit them. Combining these benefits with highly competitive rates, we’re confident LendInvest BTL loans will fast become a commonplace feature of the specialist lending market.”