LendInvest, a top property finance platform, says that bridge applications delivered a record quarter in Q3. Signed bridge loan applications were up 65% year-on-year for Q3 2020 compared to the same period in 2019, according to LendInvest.
LendInvest reported a significant increase in signed applications throughout the first half of the year, with Q3 exceeding all previous records with a 58% increase on total signed Bridging applications from Q2 to Q3.
The solid performance arrived in spite of the ongoing challenges of operating during the COVID health crisis.
LendInvest did not distribute additional data points such as revenue and net income.
Justin Trowse, Director for Bridging at LendInvest, called the period a tremendous quarter for new short term lending business at LendInvest.
“Our pipeline is a record to date, and with the completion levels increasing month on month, we can only see this trend continuing into Q4 as property professionals seek to capitalise on the Stamp Duty Land Tax holiday ahead of its current withdrawal date in Spring 2021.”
Leanne Smith, Sales Director at LendInvest, added:
“The team has worked tirelessly over the past six months not only allowing us to remain open for our brokers and borrowers throughout lockdown, but also ensuring those customers received the highest level of service throughout this time. Call volumes and new applications are at the highest we’ve ever experienced and Bridging packaging has improved materially for us internally. With new systems and processes constantly being reviewed to manage and improve turnaround times, I am confident that we will be able to meet the increasing demand for property finance over the next couple of months while maintaining the high service levels we currently are.”
LendInvest has lent over £3 billion of short term, development and buy to let mortgages. IInvestors include institutions like HSBC, Citigroup, and NAB. In 2019, LendInvest was the first Fintech to securitize a portfolio of BTL mortgages.