Christian Faes

LendInvest posts profit ahead of homeowner loan launch

LendInvest has reported its fifth year of profitable growth with gross profits reaching £26.5m for the year ended 31st March 2019.

The property finance marketplace revealed that it had seen continued growth in demand for its bridging and development products, while originating £127.9m through its new BTL product in the six months to 31st March 2019.

This comes as it is set to launch its first homeowner loan product this year, after securing a £200m funding line from HSBC.

Christian Faes, co-founder and CEO at LendInvest (pictured above), claimed that this proved that you can be a fast-growth fintech business, make a substantial investment in disruptive technology, and be profitable.

“We have made a big move into longer-term lending with our BTL product and are taking market share from the banks with our product that is proving very popular.

“The UK mortgage market is dominated by banks which are slow moving, suffocated by ever-changing regulation, legacy processes and technology from the 80s.

“These results show that we are well on our way to building a business that is going to be a substantial player in the UK mortgage market in the years ahead.”

LendInvest reported that it had more than £2bn in cumulative platform originations to date.

It lent £171m during March 2019 to professional property investors, developers and landlords, which marked its best month on record.

Platform revenue increased by 36% to £72.7m, while assets rose by 69% to £788.3m.

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