LendInvest, a homeowner mortgage firm, has secured further backing from banking giant Lloyds Bank totalling £300m.
According to Business Cloud, LendInvest is a technology-driven asset manager for UK property finance which aims to simplify the mortgage experience.
LendInvest has increased its total funds under management to more than £3.6 billion, up from £3.4bn last year.
The company’s homeowner mortgage product – which beta launched in December 2022 to a select group of mortgage brokers – is anticipated to launch more widely in 2023.
The offering is aimed at borrowers with multiple sources of income, the self-employed and small-business owners.
In 2022, LendInvest struck a new £180m lending partnership with Lloyds and increased an existing deal with JP Morgan to £1bn.
The company also secured a partnership with banking giants HSBC and Barclays that will funnel £150m into the UK property space.
LendInvest CEO Rod Lockhart said, “We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300 million as we take our first step into the homeowner mortgage market.
“There are a significant number of people in the UK with complex income streams – from barristers to actors to NHS contract workers – who find it harder to get a mortgage because of multiple income sources or less regular pay cheques. Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.
“The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017.”
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