LendInvest doubles loanbook
LendInvest has doubled its loanbook in just 30 months as it predicts “favourable housing market conditions” will help it post pre-tax profits this year.
A trading update from the alternative property lender for the year ending 31 March 2022 revealed that LendInvest’s assets under management, representing deployed capital, increased 36 per cent annually to £2.1bn.
Rod Lockhart, chief executive of LendInvest, said it took the former peer-to-peer lender 10 years to reach £1bn of assets under management in July 2019 and just 30 months to double it.
The lender’s funds under management, which also includes committed funds that haven’t yet been lent, has hit £2.9bn.
“We have continued to achieve strong growth in platform assets under management and funds under management, driven by the success of our innovative, proprietary technology and strong demand for our buy-to-let products,” Lockhart said.
The update described housing market conditions as favourable “despite the recent base rate rises.”
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It said its green mortgage range has been successful and led to a 29 per cent increase in buy-to-let applications.
“The dedication of our team of talent, our high-quality customer service and our continued investment in technology has contributed to our strong growth,” LendInvest said.
“Given these factors together with a favourable housing market, the excess level of funds under management over platform assets under management, and despite an increased inflationary environment we expect full year profit before tax to be in-line with market expectations.”
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LendInvest used to be a member of now defunct trade body the Peer-to-Peer Finance Association, before it withdrew its P2P regulatory application in 2017 and closed its platform to retail investors.