8th Apr 2019 14:42
LONDON (Alliance News) - Online property finance platform LendInvest said Monday it has secured GBP200 million from HSBC Holdings PLC's UK bank, HSBC UK, to enter the regulated home loan market.
This will be LendInvest's first home loan product, available to homeowners who require short-term bridging finance for terms up to 12 months. The company said the product, and investment, brings it closer to its "ambition" of becoming a whole-of-market mortgage provider.
"LendInvest continues to attract investment onto our platform from some of the world’s largest and most sophisticated investors. This new funding from HSBC is a further important step forward in the evolution of our business. We have shown to great effect how our technology-driven approach to lending can succeed in the specialist loans market," said Co-Founder & Chief Executive Christian Faes.
LendInvest is expected to launch an initial public offering in London later in 2019, expected to raise about GBP500 million, but no firm details have been revealed.
Faes added: "Our sights are now firmly set on continuing to build out our platform and on ultimately disrupting the GBP200 billion mainstream UK mortgage market."
At the end of March, LendInvest hired US investment bank Goldman Sachs Inc and Barclays PLC as joint global coordinators and French lender BNP Paribas SA was hired as bookrunner in a clear sign the company's IPO plans were being ramped up
Lendivest raised USD39.5 million last September in a series C funding round, describing it as a pre-IPO exercise but stressed at the time it was in no rush to go public.
Lendivest has lent over GBP2 billion since being set up in 2008.
The company allows investors to invest in the mortgages its writes via its investment platform, a discretionary fund and a GBP500 million London-listed bond programme.
Related Shares:
HSBC Holdings