LendInvest secures £42.5m funding facility with alternative investment manager
Specialist property lender LendInvest has secured a £42.5m funding facility with an unnamed global alternative investment manager.
The three-year strategic funding facility will be used to refinance an existing short-term, buy-to-let and residential mortgages funding facility, according to a statement released by the lender today.
LendInvest also announced some changes to the board, with independent non-executive director and chair of the audit and risk committee Penny Judd stepping down.
Judd’s departure will come into effect at the time of publication of the company’s annual results in July 2024.
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Maeve Byrne will succeed Judd in both her roles, as well as becoming a member of the company’s nomination and remuneration committees.
Byrne has more than 30 years of experience in financial services. She has held key leadership positions at institutions such as RBS and KPMG and currently serves as a non-executive director and audit committee chair at Alpha FMC. Her appointment will be effective immediately to allow sufficient time for an orderly transition from Judd.
Independent non-executive directors Nina Spencer and Dale Murray have also notified their intention to not seek re-election by shareholders at the company’s annual general meeting (AGM) in September 2024 to devote more time to their business engagements and other directorships.
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The board remains otherwise unchanged. Following the AGM, the board will constitute three non-executive directors, two of whom are considered independent, and two executive directors.
“I want to personally thank Penny, Nina, and Dale for their dedication and invaluable contributions to LendInvest during this crucial phase of change and growth over our first three years as a public company,” said LendInvest chief executive Rod Lockhart. “Their collective experience and support have been instrumental in shaping our progress, and we wish them every success in their future endeavours.
“We are delighted to welcome Maeve to the LendInvest board. Maeve brings a wealth of experience and deep insight that will be of significant value to the company as we continue on our path back to profitability.”
Byrne added: “I am delighted to join the LendInvest board at such an important time for the company. I’m impressed by the management team and eager to bring my experience to help navigate the evolving financial landscape, guide LendInvest toward continued success and help support the business in the next stage of its growth journey.”
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