Case study: From fee paid to offer in 1 day for Buy-to-Let purchase

To see how we can make your Buy-to-Let deal simple and fast, visit our Buy-to-Let page. 

Location: Hull

Loan amount: £70,500

LTV: 75% 

Product: 2-year tracker

A portfolio landlord approached us looking for a loan to support their purchase of a 3-bed terraced house in Hull. 

We had the funding and product they needed, but what stood out about this case was the speed of turn around. 

The valuation fee was paid midday on the 18th January, and the case was offered 4pm on the following day. 

We asked Tom Steer, Buy-to-Let Underwriting Team Leader, to explain how the deal was delivered in such a quick time: 

• Was there a particular reason this deal had to happen this quickly? 

“We always try to process all applications as soon as possible with a full underwrite being undertaken on all cases at the point of the initial fee being paid. 

“We also strive to package and instruct valuations on applications the same day the fee is paid to maintain high service levels, and get to offer as quickly as possible.”

• What about the process made this proceed this quickly?

“Our internal systems are one of a kind and allow us to complete all of the searches on an applicant in a matter of minutes, giving us more time to spend underwriting the cases instead of collecting information.

“The broker also did a great job in packaging the case which makes the process much more efficient in moving the case forwards as swiftly as possible.”

• Is this a one off, or are the systems in place to do this type of turnaround regularly? 

“No this isn’t a one off, we instruct the valuation on the majority of applications the same day the fee is paid and are then in a position where we review the valuation report the same day it is back with us. 

“The speed at which we operate really separates us in a market with the technology we employ such as open banking and Jumio ID verification which also speeds up the process and makes the transaction easier for the broker and applicant.”

Nicholas Hamilton, the underwriter who worked closely with the broker closer on the deal, added: “Picking up the phone and being able to outline and explain specific case requirements was invaluable in getting this one over the line so quickly. 

“Will – the broker admin – was understanding of the rationale behind the requests for additional information and provided me with everything I needed within a few hours!”

Paul Davies, Managing Director of Mortgages at Ramsay & White the brokers we worked with on the deal, said: “As a strategic Partner with LendInvest, we continue to be impressed with their processes and common sense approach.

“Having a lender that supports our growth with great service is credit to the team at LendInvest.”

To see how we can make your Buy-to-Let deal simple and fast, visit our Buy-to-Let page.