LendInvest completes 14 development deals
LendInvest has completed 14 development finance deals since launching its offering in December 2015.
Its 14 deals ranged from £400,000 to £10m and its most successful month was March, where it completed a £5.85m conversion of an old commercial unit in North West London with a view to obtaining planning for residential conversion in three to six months.
Steve Larkin (pictured), whom LendInvest brought in from RBS as director of development finance to head up the division, said the short-term lender aims to double the volume and value of deals on its books in the next two months.
He added: “The small scale development finance market is ripe for some innovation. Our transparent pricing, with no early repayment charges or non-utilisation fees, and our ability to turn around a credit-approved offer in one day means that we can help borrowers to act quickly.
“All of our development deals are entirely pre-funded; we aren’t reliant on investors filling loans before the borrowers get their money. Speed is incredibly important in today’s fast-paced property market for the smaller developer who is competing with large housebuilders and equity buyers.
“For too long, developers have faced an uphill battle in getting their projects moving, having to fight for funding. In contrast, at LendInvest we trust the expertise of experienced developers. We are on their side.”
LendInvest’s loans are available to experienced property developers looking for non-regulated finance to build residential or semi-commercial properties in England and Wales.
Developers can apply for up to 65% of the gross development value (GDV), up to 100% of the development costs and may be eligible for loans of up to 90% of total project costs. Loans last up to 24 months.