Online mortgage lender LendInvest has launched its first distinct auction finance product.
Designed for borrowers who need deals to be fast-tracked by their lender to ensure certainty of funding within tight timeframes, the new deal offers a 50% discount on valuation fees and no exit fees. It’s available on loans ranging between £75,000 to £7.5m for terms from one to 12 months, with a maximum LTV of 75%.
This launch follows up on some other moves by LendInvest, including the rollout of a development exit product in October, and expansion to Scotland and northern England as part of a regional rollout strategy.
Matthew Tooth, Chief Commercial Officer at LendInvest: “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.”