LendInvest, a leading short-term property finance lender, has confirmed that it is still accepting applications for loans to finance purchases that could complete before the 3% Stamp Duty Land Tax increase that comes into effect for landlords and developers on 1 April.
LendInvest has avoided imposing a strict deadline for applications, given its proven history of providing bridging finance within very short periods of time. With only one month remaining, it is understood that few doors to lenders remain open. LendInvest’s flexible policy will give hope to property entrepreneurs who still wish to complete an investment property purchase before the deadline and require finance to do so.
“Borrowers should never let tax regime changes drive investment decisions. However, for people with property purchases in the pipeline already, our ability to review new applications for several more weeks means it may not be too late for them to avoid the stamp duty hike. At LendInvest, we never applied a strict deadline for applications like many other lenders had to, because we handle each and every deal on a case-by-case basis and can apply our in-house technology to streamline and accelerate the underwriting process,” commented Matthew Tooth, Head of Distribution at LendInvest. “Bridging deals always vary in length depending on the capacity of all parties appointed to work on them. Solicitors and valuers are extremely busy right now with existing cases but LendInvest will do everything we can to make sure that our borrowers complete their purchases before the window closes. LendInvest proved it is capable of moving fast when we completed our fastest ever loan in just three days earlier this month. Our focus on speed will never come at the expense of rigorous credit and risk controls and we will always maintain the highest underwriting standards. We will never automate the decision-making process; instead there’s a lot we can do to automate the administration, creating a better experience for borrowers and brokers alike.”
In the last two years, LendInvest has originated over £525 million of loans to landlords and developers for terms lasting one month to three years, making it one of the most active short-to-medium term mortgage lenders in the UK. LendInvest is authorised and regulated by the Financial Conduct Authority and in June 2015, it became the first marketplace platform to be rated by a regulated European credit rating agency. All loans are secured by a registered first charge against property in the UK and the company has consistently provided returns to investors between 6-9% per annum. The company has recorded no capital losses on its loan book.