Auction finance

LendInvest launches auction finance product

LendInvest has launched its first distinct auction finance product to help provide funding within tight timeframes.

The online mortgage lender hopes that the product will help brokers and borrowers prepare for the first auctions of 2017.

The key features of the new product include:

  • 50% discount on valuation fees
  • no exit fees
  • available on loans ranging between £75,000 to £7.5m
  • available on terms from one to 12 months
  • available on loans with a maximum 75% LTV.

Matthew Tooth, chief commercial officer at LendInvest, said the product came about after a significant proportion of the deals that brokers brought to the lender were for purchases agreed at auction.

“In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time.

“Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”

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