LendInvest to back larger loans

LendInvest has made changes to its lending criteria to facilitate larger loans and different types of projects.

The specialist mortgage lender said that landlords can now borrow up to £2m at 70 per cent loan-to-value for standard properties and houses in multiple occupation (HMOs).

The limit has been raised to £3m for larger HMOs and multi-unit freehold blocks.

Rates will remain the same, starting at 2.89 per cent for two-year fixed rates and 3.19 per cent for five-year deals.

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“For a new product range we have completely refreshed the look and feel of our buy-to-let guides to make them a simpler way for brokers to get all of the information they need prior to making an application for their clients,” LendInvest said.

“We have a new comprehensive buy-to-let product guide, which includes all of our lending criteria, and a standalone buy-to-let rates guide for our latest rates and offers.”

LendInvest used to be a member of the now defunct Peer-to-Peer Finance Association, before it withdrew its P2P regulatory application in 2017 and closed its platform to retail investors.

It now focuses on City investors and has secured a number of large institutional funding lines, including separate £200m agreements with HSBC and the National Australia Bank.

LendInvest was reportedly considering a £500m initial public offering last year, but shelved plans in favour of a private fundraising.