LendInvest has reported that March 2016 was its best ever month.
The short-term property finance lender completed bridging loans worth over £50 million last month, which was the biggest volume of lending the business has done since it launched in 2013.
Meanwhile, LendInvest’s Real Estate Opportunities Fund closed £10 million of new investment in March, setting another new record for the fund. This fund is one of two managed by LendInvest Capital, the company’s regulated fund management division that invests over £150 million of institutional client money into mortgage loans.
LendInvest has lent more than £560 million since launching less than three years ago, funding more than 1,200 new or rebuilt houses in 2015.
“From the moment the Chancellor announced that additional Stamp Duty would be charged on second homes back in the Autumn Statement, we knew that March would be a big month,” said Matt Tooth, head of distribution at LendInvest. “Property investors very sensibly want to avoid paying more Stamp Duty than they have to.
“At LendInvest we never applied a strict deadline for applications earlier in the year, like many other lenders had to, and were able to stay open for deals right up to the deadline. That’s not to say that closing this volume of deals in one month was easy. It took a lot of toil to get those deals over the line for our borrowers in such a short time-frame, and the team deserves a huge pat on the back.
“Borrowers and their brokers are turning to us because they know that our model works. We are faster, more flexible and much easier to deal with than traditional banks. The results speak for themselves.”
Christian Faes, Co-founder and CEO of LendInvest, said: “The incredible performance in March is the result of employing the hardest-working team of BDMs, case managers and underwriters around. Closing such a mammoth number of deals in a single month is extraordinary, and is a fantastic achievement from the team.”