Following the recent outbreak of COVID-19 in the UK, online lending platform LendInvest announced that its platform is still functioning and that it is still “Open for Business.” LendInvest reported that on Monday it instructed all London-based staff to work remotely, which followed the government’s advice
“This was not a decision we have taken lightly but we are well prepared for it. Over the past few weeks we have been encouraging remote working and put in place arrangements to move quickly in the event that this was to happen.”
LendInvest also noted that it is actioned a pre-prepared, company-wide plan, which includes measures to continue operating as normal, not only as a team but with all of its third-party service providers as well.
“All our employees will continue to work as normal from their remote locations and are contactable via their usual telephone numbers and email addresses. All customers are able to communicate with us as usual and should experience no difference in the speed and quality of service they typically receive from us.”
LendInvest also announced an update regarding the deferment of BTL payments. The company noted it is talking directly with HM Treasury and industry bodies like UK Finance as the details are worked out.
“We have no wish to see tenants lose their homes as a consequence of the COVID-19 outbreak, and we encourage every landlord who has a loan with LendInvest to act responsibly both toward their tenants and towards their mortgage commitments.”
LendInvest will also discuss individual circumstances. The company added:
“Where a borrower is excused from making a payment in any one month, missed payments will be added to the borrower’s outstanding balance and will attract interest at the relevant account rate. Please note that the guidance issued by UK Finance on the subject of payment holidays and the moratorium on repossessions for 3 months (dated 18 March 2020) is not binding on us, and in any event does not prevent LendInvest from issuing formal demands nor appointing an LPA receiver of rent where necessary.”
