LendInvest is optimistic for 2021, predicting more opportunities and hinting at the launch of some new products.
Andy Virgo, director of buy-to-let at the online lender, said that moving away from LIBOR, an interest-rate benchmark calculated from estimates submitted by the leading banks in London, will allow the platform to launch new products.
“I’m very much looking forward to opportunities coming our way,” he said in a video on LendInvest’s website.
“We will be moving away from LIBOR. That decision to move away from LIBOR and the Bank of England base rate has been made and that will allow us to launch some new products, which is very exciting so watch this space.
“There will be lots of opportunities in 2021.”
Gene Clohessy, director of underwriting at LendInvest, said that the buy-to-let sector will remain buoyant and that the lender has seen a huge improvement in its open banking take up.
“My prediction is the buy-to-let industry will stay strong and be very active for the year,” she said in a video on LendInvest’s website.
“We’re trying to make everything quick and easy. We’ve seen a huge improvement in our open banking uptake from a change of technology we’re using with our provider now sending text messages rather than emails.
“It’s utilising what customers are looking for. Text messages are probably easier than emails that can get lost.
“There is a lot we’re working on in relation to making it easy (for customers) while understanding what the customer wants and needs.”
Justin Trowse, director of bridging finance at LendInvest, said that the lender is considering launching a refurbishment product.
“It will be an interesting year,” he said in a video on the lender’s website.
“The government has poured lots of money into the economy which creates liquidity. There will be a thirst for originations from lots of lenders so there will probably be some competition and consolidation.
“We’re floating the idea of launching a refurbishment product. We historically had one that was like development refinance.
“There’s definitely demand there and a product to be created for something that fits between bridging and development finance. We have ideas going through the product committee and this year we will be launching something that pleases that need.”