ONLINE mortgage lender LendInvest has launched its first fast-track finance product to help brokers prepare for the first property auctions of 2017.
The product will enable brokers to access short-term property loans much more quickly than usual, so that they can best prepare for the New Year auction season. It is available on loans ranging between £75,000 and £7.5m and terms between one and 12 months, on a maximum 75 per cent loan-to-value.
As an incentive, customers are being offered a 50 per cent discount on valuation fees and no exit fees.
“A significant proportion of the deals that brokers bring to us are for purchases agreed at auction,” said Matthew Tooth, chief commercial officer at LendInvest. “In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time. Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
A company spokesperson confirmed to Peer-to-Peer Finance News that the auction deal will not impact on the interest rates which are offered to investors on the platform.
LendInvest, which is a member of the Peer-to-Peer Finance Association, recently announced a 133 per cent rise in its full-year revenue, and its investors have invested in more than £800m of property loans to date. Earlier this year, the firm announced plans to cut its minimum loan size from £100,000 to £75,000 and expand its business into Northern England and Scotland.