LendInvest is still planning to enter the residential mortgage market next year as it marks a record period for buy-to-let loans.
The bridging, development and professional buy-to-let lender lender revealed in its first financial update since the company went public in July 2021 that it has appointed Esther Morley as managing director of homeowner mortgages to lead the charge.
LendInvest’s initial public offering (IPO) document did mention plans for a specialist homeowner product to be launched in 2022 and a trading update released this morning (11 October), shows it has been hiring to support this.
“We were very active in recruitment during the period, consistent with the strategy described at IPO of accelerating our product and technology roadmap,” document said.
Morley was previously managing director of mortgages at Secure Trust Bank and before that she worked for 10 years at Kensington Group where she was latterly responsible for all aspects of origination and portfolio performance for the specialist mortgage business.
LendInvest’s update also said its technology-focused workforce had increased by 26 per cent in the first half of the year, including the appointment of Peter Wallis as vice president of technology.
The lender said it expects the housing market to remain busy for the rest of the year, due to a lack of supply coupled with strong demand and people’s desire for extra space.
It acknowledged that interest rates may rise “modestly” but doesn’t expect that to hamper housing demand.
The trading update, for six months to the end of September 2021, shows that platform assets under management grew 31.7 per cent annually to £1.8bn in the first half of the year, helped by record buy-to-let originations.
It was also boosted by a £150m partnership with Barclays and HSBC to fund short term bridging loans and the sale of a £100m portfolio of prime buy-to-let loans to JP Morgan.
“There have been a number of highlights during the period, including a hugely successful securitisation and funding deals signed with a number of leading financial institutions,” Rod Lockhart, chief executive of LendInvest, said.
“I am delighted with the team’s continual drive to take advantage of the current positive market conditions by taking profitable opportunities as they present themselves.
“We’re pleased to have strengthened our management team welcoming Esther and Peter to LendInvest.
“They bring high quality skill sets and extensive experience to the company as we seek to scale the business and accelerate our technology roadmap.
“I remain confident our unique business model will allow us to continue to disrupt the property finance market for the benefit of all our stakeholders.”