LendInvest completes fastest bridging loan deal
London, 4 February 2016 – LendInvest, the leading online lender for short term property finance, has completed its fastest ever bridging finance deal.
Within three working days, the lender was able to move from initial enquiry to full drawdown of a £590,000 facility based on a 60% LTV.
LendInvest was launched to reinvent the mortgage, bringing technology to this largely offline market for the first time. The business’ experienced team believes this is the UK bridging market’s fastest-ever completion where the lender and borrower were unknown to one another before application.
The borrower was introduced by Target Capital and LendInvest worked closely with Brightstone Law, a frequent legal adviser to LendInvest on transactions.
Having been unable to negotiate an extension to an expiring development loan with her existing high street lender, the borrower urgently sought bridging finance to cover the completion of her house conversion project. Post-completion, the borrower intends to move to a longer-term buy-to-let mortgage. The property in question began as an old-fashioned three-bedroom, end of terrace house with surrounding land in East London. It has been extended and renovated to become a modern, seven-bedroom home for a renting family.
Matt Tooth, Head of Distribution at LendInvest, said:
“Credit must go to our broker, legal and valuation colleagues whose help was integral to completing this deal within the tightest of all time constraints. The case was very well presented by the borrower and her broker, which enabled our team to promptly and confidently approve the proposal within hours. Equally, we instructed a valuation that was turned around and shared with all parties electronically within hours.
“We are delighted to lead the way on speeding up safely the mortgage application process. However, too many delays and mistakes still taint the industry’s reputation. With this deal setting a benchmark, we hope that before too long, speed becomes the norm in an industry that embraces the power of technology to streamline the underwriting process.”
Magnus Duke Dadzie, the business development manager that led on the deal for LendInvest, added:
“One complication in this deal arose when the borrower discovered that her passport – a key document required by our underwriting team – had expired. Our technology-based, decision-making process isn’t a linear, box-ticking exercise; while we waited for the applicant to renew her passport and supply it to us, we were able to progress with other aspects of underwriting and searches so that time was not lost and deadlines were met.”
Zara McDermott, from Target Capital, commented:
“Target has worked hard with the team at LendInvest and solicitors to bring this deal to fruition for our client in a record time any lender has ever been able to achieve, for a deal of this size in our experience of the industry. We are very proud of being able to help within the tightest of timescale we have ever had and very impressed with all involved at LendInvest; this is true bridging and the way it should be.”