Online lender for short-term property finance LendInvest, will launch a new auction finance product to help brokers and borrowers prepare for the forthcoming 2017 auctions. The auction finance product is designed for borrowers that need their deals to be fast-tracked by their lender.
Matthew Tooth, Chief Commercial Officer at LendInvest, said that many of the deals that brokers bring to them are for purchases agreed at auction;
“In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time,” explained Tooth. “Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
LendInvest bulleted out some of the features of auction finance product:
- 50% discount on valuation fees
- No exit fees
- Available on loans ranging between £75,000 to £7.5 million
- Available on terms from 1 to 12 months
- Available on loans with a maximum 75% LTV
LendInvest has originated over £800 million of loans over the last three years. Lending terms range from one month to three years. The new product is the second LendInvest product to be launched in recent weeks, following the rollout of a development exit product in October. It also follows LendInvest’s expansion to Scotland and northern England in recent months, as part of the company’s regional rollout strategy.