London-based LendInvest, a property finance asset manager, announced on Tuesday that it has secured £500M (approximately €581M) from Chetwood Financial Limited.
The new capital will drive the expansion of LendInvest’s Buy-to-Let business, catering to professional landlords, and its recently launched Residential Mortgage range aimed at addressing the needs of customers who face limited options from traditional high street mortgage providers.
Rod Lockhart, Chief Executive Officer at LendInvest, says “We are delighted to receive this funding from Chetwood to support the scaling of our BTL and residential mortgage products. This funding follows our recent sale of a portfolio of residential buy-to-let mortgages to Chetwood for £243 million, and further strengthens our partnership with the business.”
Chetwood joins Barclays Bank, BNP Paribas, Citi, HSBC, JP Morgan, Lloyds, National Australia Bank and Wells Fargo in supporting LendInvest’s mortgage products.
“The commitment from Chetwood underscores the growing confidence and trust numerous financial partners place in LendInvest. This investment will strengthen our BTL proposition and newly launched residential mortgage product. This will enable us to provide competitive products to professional landlords and prospective homeowners across the nation,” adds Lockhart.
The announcement comes seven months after Lloyds Bank invested €136M in the company.
LendInvest: Making property finance simple
Founded by Christian Faes and Ian Thomas in 2008, LendInvest is on a mission to simplify the process of getting a mortgage.
The fintech platform provides short-term, development, and buy-to-let mortgages to intermediaries, landlords, and developers.
The company’s proprietary technology and user experience are designed to make it simpler for both borrowers and investors to access property finance.
The company has lent over £5B to date, and has helped thousands of new or improved homes into the UK housing market.
The company has reported annual profitable growth since 2015 and is backed by funders and investors, including global institutions such as HSBC, Citigroup, and NAB.
Read the orginal article: https://siliconcanals.com/news/startups/london-lendinvest-bags-581m/
