LendInvest has cut the minimum loan size applicable across its range of bridging finance products.
The lender will now accept applications for loans of £75,000 or higher. The reduction from £100,000 has been applied to all residential and commercial bridging loans.
The move follows the launch of LendInvest in Northern England and Scotland in recent months.
LendInvest says the smaller minimum loan size reflects the changing profile of the typical loan application it receives as it moves beyond London and the Southeast where the average property value is lower.
Matthew Tooth, chief commercial officer at LendInvest, said: “By reducing our loan size, we will automatically open up the LendInvest proposition to more prospective borrowers working and investing in UK towns and cities far beyond London and the Southeast. 2017 will be the year that we look to accelerate our lending throughout the country.”
