The company made the decision this week to use the government’s job retention scheme and furlough some staff, but said it remained open for new business, with more than 140 of the company’s team still working remotely.

Due to the lockdown measures, LendInvest will process new applications using AVMs.

Offers on successful applications will be made on condition that a full, physical valuation is conducted before completion.

The lender’s bridging loan LTVs have been limited to 70% for residential property and 60% for commercial.

It will offer BTL loans at 70% LTV at a maximum of £750,000 on standard properties and HMOs of up to eight rooms.

•   Masthaven launches new broker portal offering instant DIPs for bridging
•   TMA Club adds LendInvest to its panel
•   LendInvest completes £285m securitisation of BTL mortgages

In an open letter to staff, Rod Lockhart, CEO at LendInvest (pictured above), addressed the decision to make these changes to lending criteria.

He stated that the company “intends to keep lending, albeit with much greater caution”.

“It has been an extraordinary few weeks, unlike anything any of us has experienced in our working lives.

“At such a challenging time, it’s important that property landlords and investors know that funding options are still accessible, and LendInvest intends to keep accepting applications that meet our criteria.

“We also want to make sure that, when this is over, LendInvest is best placed to hit the ground running again.”

During March, LendInvest completed 70 bridging loans and over 150 BTL deals.