UK based property finance platform LendInvest has introduced “Appetite Statements” for landlords seeking a pre-agreed financing offer for future projects. LendInvest explains that an Appetite Statement is a pre-agreed limit of what LendInvest would be willing to lend to the borrower based on defined parameters, enabling the landlord to source investment opportunities with the benefit of a shorter underwriting process upon application.
According to LendInvest, as part of a standard mortgage application, if an Appetite Statement is requested an interview will be carried out to ascertain the borrower’s business plan along with their financial and credit standing. The potential borrower will need to provide the underwriter with a fully completed portfolio schedule, and full business accounts to be reviewed. When the landlord’s next purchase or remortgage case arises, they know that they have already secured the support of LendInvest as a financier.
Andy Virgo, Director for Buy-to-Let at LendInvest, says their aim is to give their borrowers the confidence to secure their next property with a solid financing offer on the table. He believes this new Appetite Statements will deliver on that aim in a whole new way.
“With Buy-to-Let landlords included in the recent SDLT reduction changes, there has been no better time to provide an investor with a sign of our commitment to them.”