LENDINVEST COMPLETES FASTEST MORTGAGE DEAL IN THREE DAYS
– Believed to be bridging market’s fastest ever completion
– Advantage of speed taken, while keeping underwriting standards high
London, 2 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.”
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Contact
Carmen Murray, PR Manager at LendInvest – mailto:[email protected]/ 020 3846 6820
About LendInvest
LendInvest is the leading online marketplace for short term property lending and investing. The company was spun out of Montello Bridging Finance, the established bridging finance provider, in summer 2013.
LendInvest aims to bring the speed, efficiency and transparency of marketplace lending to the mortgage market for the first time. In the last two years, LendInvest has originated over £500 million of loans to landlords and developers for terms lasting one month to three years, making it one of the most active short-to-medium term mortgage lenders in the UK.
LendInvest is authorised and regulated by the Financial Conduct Authority and in July 2015, it became the first peer-to-peer platform to be rated by a regulated European credit rating agency.
All loans are secured by a registered first charge against property in the UK and the company has consistently provided returns to investors between 6-9% per annum.
For further information, please visit www.lendinvest.com and follow the company at @lendinvest.