LendInvest reports 1pc rise in profits

Property lender LendInvest has reported a one per cent rise in profits for the 2023 financial year, with total pre-tax profits growing from £14.2m in 2022 to £14.3m this year.

Profits after tax rose by five per cent, from £10.9m last year to £11.4m for 2023.

The company’s chief executive Rod Lockhart said that the bottom line boost was due to the growth of platform assets under management, new funding relationships and products, and “significant advancements” in technology against a tough market backdrop.

“Our ability to adapt to changing market dynamics has been evident through our product offerings and pricing strategies,” he said.

“Additionally, we have also focused on reducing our credit risk profile and enhancing our capital efficiency.

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“Whilst the economic backdrop remains uncertain, we remain confident in the resilience of our business model and funding strategy, the increasingly capital-efficient nature of our lending and the long-term opportunities for our disruptive, differentiated offering.”

Earlier this year, LendInvest reported a 20.5 per cent year-on-year increase in its assets under management to £2.58bn at the end of March.

In early July, the platform secured a £500m funding line from Chetwood Financial, which it said will boost the growth of its buy-to-let and residential mortgage products.

In a recent interview, the company’s new director of operations Daniel O’Connor said that LendInvest has “an exciting roadmap already in place that will see our technology platform go from strength to strength, such as enhanced functionality for our brokers to manage their pipeline of applications and actions, and much more to come.”

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