9th Apr 2020 14:53
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
THE INFORMATION CONTAINED HEREIN MAY ONLY BE RELEASED, PUBLISHED OR DISTRIBUTED IN THE UNITED KINGDOM, THE ISLE OF MAN, JERSEY AND THE BAILIWICK OF GUERNSEY IN ACCORDANCE WITH APPLICABLE REGULATORY REQUIREMENTS. THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, THE REPUBLIC OF IRELAND OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
SEE "IMPORTANT INFORMATION" BELOW
9 April 2020
LENDINVEST SECURED INCOME PLC
LIV2 - Analysis of Loan Portfolio
LendInvest Secured Income plc (the "Company"), a wholly owned subsidiary of LendInvest Limited ("LendInvest"), the platform for property finance, has published an Analysis of Loan Portfolio assets (minus cash) for the three months to 31 March 2020.
Highlights include:
● Percentage of Portfolio secured by first-ranking legal charge: 100%
● Weighted average LTV ratio of the Portfolio: 67%
● Interest coverage ratio: 147%
● Location of property outside Greater London (given as a percentage of the Portfolio): 60%
To view the full document, please paste the following URL into the address bar of your browser: https://lendinvest-staticfiles.s3.amazonaws.com/web/public-pdfs/liv2-analysis-loan-portfolio-q1-2020.pdf
LendInvest has also provided an update on its own trading and business highlights for the twelve months to 31 March 2020. A full set of audited financial statements for this period will be published in due course.
Capital raising highlights:
● Secured two new investments from major international financial partners
○ £200 million from HSBC UK (April 2019)
○ £200 million National Australia Bank to expand lending capacity in Buy-to-Let market (August 2019)
● Completed two RMBS securitisations
○ £259 million of UK prime Buy-to-Let mortgage loans; AAA-rated (83%) by Moody's and Fitch (June 2019)
○ £285 million of UK prime Buy-to-Let mortgage loans; AAA-rated (85%) by Fitch and S&P Global Ratings; senior tranche priced at 1.07% over SONIA (March 2020)
● Lending capital base for the business now over £2 billion (at 31 March 2020)
Operational highlights:
● £925 million of total loan originations between 1 April 2019 and 31 March 2020 (up 24% compared to the same period last year)
● Joined 21 UK mortgage clubs and networks, including L&G and PMS, to extend Buy-to-Let product distribution
● Launched UK's specialist lending sector's first green finance initiative to encourage sustainable property investments (March 2020)
Rod Lockhart, CEO of LendInvest, commented: "It has been a year of extraordinary events - continued Brexit uncertainty, an unscheduled General Election and now a global public health crisis. Through it all, however, we have focused on growing our business responsibly and building a resilient base for long-term stability.
"No-one could have predicted how turbulent the market environment would be when we reached year-end.
"As a long-established Fintech company, LendInvest has been successfully working remotely since 17 March. During March, LendInvest completed 70 bridging loans and over 150 Buy-to-Let loans and the company continues to complete loans already in its pipeline. The company made the decision this week to use the government's job retention scheme and furlough some staff, but remains open for new business with more than 140 of the company's staff still working remotely. We intend to keep lending, albeit with much greater caution."
-- Ends --
For further information, please contact:
Leigh Rimmer | [email protected] | +44 (0)7743445856
IMPORTANT INFORMATION
This announcement is released by LendInvest Secured Income plc and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the bond programme mentioned above.For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Christian Faes, director of LendInvest Secured Income plc.
This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended, and/or Part VI of the Financial Services and Markets Act 2000 (the "FSMA"). A prospectus dated 19 October 2018 (the "Base Prospectus") together with final terms dated 24 October 2018 (the "Final Terms") have been prepared and made available to the public as required by Part VI of the FSMA. Investors should not subscribe for any Bonds except on the basis of information in the Prospectus and the Final Terms, taken together. Full information on LendInvest, LendInvest Secured Income plc and the offer of the Bonds is only available on the basis of the combination of the Prospectus and the Final Terms which have been published on the Regulatory News Service operated by the London Stock Exchange.
The distribution of this announcement and other information in connection with any offer in certain jurisdictions may be restricted by law and persons who come into possession of this announcement or any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any jurisdiction.
This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to the financial condition, results of operations and business of the Company or of LendInvest Limited (or its group) and certain of the plans and objectives of the Company, LendInvest Limited and its group with respect to these items. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal', 'estimates' or words with a similar meaning, and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on the current expectations of the Company, LendInvest Limited and its group (as applicable) and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond the control of the Company, LendInvest Limited and its group, that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Risk Factors disclosed in the Company's Base Prospectus dated 19 October 2018 (which have not been updated since the date of its publication); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.
All written or verbal forward-looking statements made in this document or made subsequently, which are attributable to the Company, LendInvest Limited or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in this document will be realised. This document speaks as at the date of publication. Save as required by applicable laws and regulations, none of the Company, LendInvest Limited or any member of its group intends to update any forward-looking statements and does not undertake any obligation to do so. Past performance of securities of the Company cannot be relied upon as a guide to the future performance of securities of the Company. Nothing in this document should be regarded as a profit forecast.
This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any securities.
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