LendInvest reports £2.58bn assets under management
LendInvest has reported a 20.5 per cent year-on-year increase in its assets under management to £2.58bn at the end of March.
In a trading update today, the alternative property lender said it was still seeing strong demand from borrowers for professional buy-to-let mortgages, bridging loans and development finance.
According to AltFi, the lender said it had its highest ever level of bridging loan applications in March due to mortgage rates easing slightly.
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“While we remain mindful of the macroeconomic backdrop, we have confidence in our growth strategy,” said chief executive Rod Lockhart.
“Our technology enables us to continue developing disruptive new solutions in existing and new parts of the mortgage market, giving us a competitive edge with brokers and borrowers and helping us to continue to attract diverse sources of capital.”
The lender said it has £1bn in lending headroom for growth over the next year, after Lloyds increased its funding line from £180m to £300m.
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“Our recent launch into residential mortgages will continue to ramp up and provide a tremendous long-term growth opportunity as we leverage our technology to make even the most complex of mortgage applications simpler and faster for a neglected customer base,” the firm told investors.
LendInvest offers short-term development and buy-to-let mortgages and has lent more than £3bn since inception in 2008.
The company is due to report its full-year results in mid-July.
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