LendInvest has announced that it has increased its funding line from Lloyds Bank, which now totals £300m.
The asset manager said the investment would support its entry into the UK’s £1.2trn homeowner mortgage market.
Having beta launched its homeowner mortgage product in December 2022 with a select group of mortgage brokers, LendInvest has confirmed the product is due to launch more widely in 2023. The offering is LendInvest’s first entry into the UK homeowner mortgage market and is aimed at borrowers with multiple sources of income, the self-employed and small-business owners.
LendInvest now has more than £3.6bn of funds under management, providing investors with opportunities to gain exposure to the UK property finance market.
“We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300m as we take our first step into the homeowner mortgage market,” said LendInvest CEO, Rod Lockhart.
“There are a significant number of people in the UK with complex income streams – from barristers to actors to NHS contract workers – who find it harder to get a mortgage because of multiple income sources or less regular pay cheques. Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.
“The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017.”
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