LendInvest launches first auction finance product
LendInvest has launched its first distinct auction finance product to help brokers and borrowers prepare for the first auctions of 2017.
The product, which is offered up to 75% loan-to-value, is designed for borrowers who need their deals to be fast-tracked by their lender to ensure certainty of funding within tight timeframes.
It features a 50% discount on valuation fees and no exit fees, terms from one to 12 months and loans from £75,000 to £7.5m.
Matthew Tooth (pictured), chief commercial officer at LendInvest, said: “A significant proportion of the deals that brokers bring to us are for purchases agreed at auction. In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time.
“Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
This new product follows the rollout of another development exit product in October by LendInvest, who have recently expanded to Scotland and the North of England.