The online mortgage lender hopes that the product will help brokers and borrowers prepare for the first auctions of 2017.
- LendInvest completes its first development exit loan
- LendInvest reduces minimum loan size
- LendInvest snaps up ex-Castle Trust manager for northern push
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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