developer

LendInvest completes its first development exit loan



623_2021-07-01-09-29-00am.gif
LendInvest has successfully completed its first development exit loan since the product's launch in November.

A borrower saved 30% in future interest after exiting seven months into a 12-month development finance loan from another specialist lender, which had been used to fully renovate a two-bedroom apartment in Fulham.

Having reached practical completion, the borrower had sought cheaper finance while marketing and selling the property.

Within three weeks of the initial enquiry, LendInvest had provided a 70% net loan-to-value loan with a nine-month term and rolling interest charged at 0.7% per calendar month – saving 30 basis points per month.

Matthew Tooth, chief commercial officer at LendInvest, said: “Getting our first development exit loan over the line so soon after launch proves that our model works and demand is there.

“This is just the first of many developers we can help to secure more affordable finance quickly when they reach practical completion on their projects.”

The news comes just weeks after LendInvest announced the appointment of a new business development manager amid plans for Northern expansion.

Leave a comment