LendInvest revises loan pricing to extend competitive edge
LendInvest, the UK’s leading online lender for short-term property finance, has revamped its bridging loan products.
The fast-growing lender has split its bridging loan offering into three separate tiers:
Residential Bridging Tier 1
Residential Bridging Tier 2
Residential cases that meet the criteria for Tier 1 will enjoy rates from as low as 0.65% through to 0.95% per month at the maximum 75% loan-to-value (LTV). Residential cases that fall outside of this criteria – for example, HMOs, heavy refurbishments and second charge loans – will fall within Tier 2. At the maximum LTV of 75%, the interest rate per month will range from 0.99% to 1.25% on Tier 2 loans, depending on the security provided and the status of the borrower.
Commercial bridging loans, which are available on semi-commercial, commercial and land transactions, have been given their own standalone pricing. Rates begin at 0.8% for semi-commercial loans, and 1% for commercial loans and loans against land.
In April LendInvest secured a new warehouse facility from global financial services provider Macquarie, worth an initial £40 million. It is the fourth major institution to provide a dedicated funding line to LendInvest, investing in loans alongside two managed LendInvest funds and the firm’s retail investor platform.
Matthew Tooth, Head of Distribution at LendInvest, said:
“LendInvest enjoys the most diverse capital base in the specialist lending market. Because of our varied sources of funding, we are in a strong position to offer a more competitive, granular product range, which we are sure will be even more compelling for brokers and their clients.”
Christian Faes, co-founder and CEO at LendInvest, added:
“This revised product mix is a statement of intent. We are now not only the fastest lender in the UK mortgage market, but we are also now among the most competitively priced. We challenge any lender to perform as quickly as we do, at our pricing.”