LendInvest hails BTL opportunities in North East
The buy-to-let (BTL) and bridging market in the North East has experienced a significant period of growth over the summer months, according to LendInvest, with high demand for properties in the area despite volatile markets.
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Business development manager Chris Dolan said that demand was “still extremely high for properties” and lenders were therefore harnessing bridging loans across auction, refurbishment, development exit or regulated spaces whereby they look to assist in downsizing and chain breaks.
Dolan said the lender had been able to use its product range to support borrowers at different stages including remortgaging, capital raising for investment in existing properties, portfolio expansion and supporting first-time house in multiple occupation (HMOs).
“Bridging is, in its essence, a needs-based solution and the breadth of products we have and depth of funding means we can cater for many different needs at different loan amounts,” Dolan said in a blog post on LendInvest’s website.
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He noted investors have looked further afield amid rising rates and that rental yields in the North East had “withstood pressure well” faring better than Southern counterparts.
Demand for auction properties, as online auctions continue a spike in activity, was also notable.
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Dolan said investors had looked to diversify their portfolios by moving from single-let to HMO and MUFB to take advantage of greater yields amid volatile market conditions.