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January 12 2021

LendInvest streamlines drawdown processes to adapt to Covid

Michael Lloyd Industry News, News, Property, Top 3 Covid-19, Gemma Squirrell, LendInvest

LendInvest’s development finance team has streamlined its drawdown processes and brought in more standardisation to adapt to the Covid-19 crisis.

Since joining LendInvest in March 2020 as operations manager for development finance, Gemma Squirrell said she bought an element of standardisation to processes and introduced controls to reduce unnecessary risk.

Squirrell said she also reviewed how the team works and managed to streamline the drawdown process to ensure a quicker release of funds.

Read more: Property investors tipped to invest in HMOs

“Standard reminders for insurance expiry and loan expiry support us to open the conversation of redemption or extension options much earlier in the process to ensure borrowers have the comfort of our support,” Squirrell said in a blog on LendInvest’s website.

“By having solid and robust processes the customer experience is a positive one and the risk to the lender is reduced.”

Read more: LendInvest posts 244pc rise in core earnings despite Covid challenges

Squirrell said that LendInvest has worked closely with its borrowers to understand how Covid-19 has affected them and their development.

She said many projects have been delayed, for example, due to a halt in construction, but developments can be affected differently and there are many other problems that have never been experienced across the country on every project.

Read more: LendInvest updates its buy-to-let range

“We have had to adapt how works were monitored and certified by our professionals, while supporting them and their staff to make sure that no unnecessary risks were taken to ensure staff safety and business continuity for our borrowers and us,” Squirrell said in the blog.

“During Covid-19 we have stayed in even closer contact with our borrowers to ensure that any problems that arise are dealt with swiftly and that they continue to feel supported.”

Secured lending doubles during fourth quarter of 2020 A year in the life of the 36H Group

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