LendInvest has announced that BNP Paribas has joined its £300m financing syndicate with HSBC and Barclays, to support the growth of its short-term mortgages.
BNP Paribas will join a growing roster of financial institutions that have chosen to support LendInvest’s mortgage products, which also includes banks such as Lloyds, JP Morgan, PLC, Wells Fargo, Citi and NAB.
The £300m in funding will support LendInvest’s short-term mortgages, including financing the refurbishment and upcycle of old housing stock back into circulation across the UK.
LendInvest revealed the partnership will increase its funds under management to £3.7bn. The announcement also follows recent news that in April, Wells Fargo had joined LendInvest as the latest funding partner for its buy-to-let business.
Chief executive officer of LendInvest, Rod Lockhart, commented: “We are thrilled to welcome BNP Paribas to our growing roster of global financial partners and institutional investors, not only demonstrating their trust in our capabilities and the continued momentum in our business, but significantly supporting our short-term mortgage proposition.
“Housing supply is a fundamental issue in the UK at the moment and our short-term mortgages play a key role in addressing this by helping developers refurbish and upgrade old housing stock.”
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