LendInvest, a property finance platform, has funded a £12 million loan for a development by a repeat LendInvest borrower. LendInvest reports that the loan was funded in under 8 weeks. The borrower first became a client of LendInvest in 2017 and has now completed a total of five loans with the lender.
The development is in Wedmore, Somerset – a location that has been recognized as one of the most attractive villages in the county, according to an article in the Spectator. The development is for 55 residential homes with a mix of three and four-bedroom residences. 40% are said to be “affordable housing.”
The loan was based on an LTC of 90% with the total GDV [gross development value] of £19.6 million.
Melanie Omirou, Group Managing Director at Acorn Property Group said it has always a delight to work with the team at LendInvest.
“After working together on a number of key deals over the last couple of years, we thought of them immediately for this development. Speed was crucial for this project, and from beginning to end the team worked swiftly to facilitate the loan in a tight timeframe. We’re currently working on more exciting projects with LendInvest – long may the relationship continue.”
Ian Thomas, co-founder and Chief Investment Officer at LendInvest, said the borrower was operating within a tight timeframe, requiring the team to move quickly and work closely with the borrower to get the funding in place.
LendInvest has emerged as one of Europe’s largest non-bank lenders. To date, LendInvest has raised almost £2 billion from investors ranging from individuals to global finance partners including Citigroup, HSBC, Nomura, and National Australia Bank.