UK’s LendInvest Welcomes Wells Fargo to £200M Financing Syndicate with NAB for Buy-to-Let

LendInvest (AIM: LINV), the UK’s platform for mortgages, announces that Wells Fargo (NYSE: WFC) joins its £200 million financing syndicate with National Australia Bank (NAB) in order “to support the continued growth of its Buy-to-Let proposition.”

Wells Fargo reportedly “joins a growing roster of global financial institutions choosing to support LendInvest’s mortgage products, including banks such as Lloyds, JP Morgan, HSBC, Barclays, Citi and NAB.”

According to a release, the success of LendInvest’s Buy-to-Let product is “measured by customer demand.”

Having launched its first Buy-to-Let mortgage product five years ago, Platform Assets Under Management (AuM) for Buy-to-Let “reached £1.8 billion at 30 September 2022 and represents 75% of total Platform AuM.”

LendInvest claims it was “the first Fintech to provide an entirely online experience for Buy-to-Let customers, and was the first UK Fintech to securitise its own mortgage assets just 18 months later.”

Built on “a modern tech stack, its end-to-end, paperless, online platform, coupled with a commercially-focused yet credit-robust lending approach, has alleviated the pain points in the mortgage process for brokers and borrowers, providing instant decisions, a superior experience and fast turnaround times from application to completion.”

With more than £3.6 billion in Funds under Management, LendInvest “has firmly established itself as trusted financial partner to some of the world’s largest institutions, providing investors with opportunities to gain risk-adjusted exposure to the UK mortgages.”

This announcement follows LendInvest’s entry “into the residential mortgage market in March this year, with the launch of a range of products aimed at the increasing number of home-owners with more complex sources of income, such as contract workers or the self-employed, who are currently underserved by incumbent lenders.”

Rod Lockhart, Chief Executive Officer of LendInvest, commented:

“We are delighted to partner with Wells Fargo as we continue to grow and diversify our funding sources and further expand our buy-to-let business. This most recent partnership demonstrates the ongoing appetite from global financial institutions to invest in the buy-to-let sector, and we look forward to working closely with Wells Fargo. With our disruptive technology and full suite of property finance products, we are poised to capture an increasing share of the UK mortgage market and support the ongoing modernisation of UK property to support a cleaner, greener future”

As noted in the update, LendInvest “offers short-term, development and buy-to-let mortgages to intermediaries, landlords and developers.”

Its proprietary technology and user experience are “designed to make it simpler for both borrowers and investors to access property finance.”

LendInvest has reportedly “lent over £3bn of short term, development and buy to let mortgages.”

Its funders and investors “include global institutions such as HSBC, Citigroup and NAB, and, in 2019, it was the first Fintech to securitise a portfolio of BTL mortgages.”

The company has “reported annual profitable growth since 2015.”

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