17th Jan 2023 12:19
(Alliance News) - Lendinvest PLC on Tuesday said it secured increased funding from Lloyds Banking Group PLC to GBP300 million to launch into the homeowner mortgages market.
The London-based technology-driven asset manager for UK property finance said the increased funding will support its entry into the UK's GBP1.2 trillion homeowner mortgage market.
The facility increases Lendinvest's total funds under management to more than GBP3.6 billion, up from GBP3.4 billion on September 30.
Lendinvest is due to launch its homeowner mortgage product in 2023, more widely compared to its beta launch in December with a select group of mortgage brokers.
The offering is Lendinvest's first entry into the UK homeowner mortgage market, focusing on borrowers with multiple source of incomes, the self-employed and small-business owners.
Lendinvest said its proprietary technology platform improves the overall mortgage experience for homeowners, by making "even the most complex of cases simpler and faster".
Chief Executive Officer Rod Lockhart said: "We are delighted to receive this increase in the warehouse funding line from Lloyds...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."
Shares in Lendinvest were up 6.0% to 80.00 pence each in London on Tuesday at midday.
By Greg Rosenvinge, Alliance News reporter
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