LendInvest drops development finance exit fee

London, 10 May 2016 – Leading short-term property finance lender LendInvest has scrapped the exit fee charged on development finance deals.

Previously a 2% fee applied if the loan-to-GDV was over 50%.

LendInvest launched formally into development finance in December 2015. Since then it has built an impressive reputation for its fast, personal service, competitive pricing and flexible attitude towards development projects. It wrote 14 development deals, ranging in size from £400,000 to £10 million, in its first four months of operation.

Loans are available to experienced property developers looking to build residential or semi-commercial properties in England and Wales over terms of up to 24 months. Borrowers can apply for up to 65% of the gross development value (GDV), up to 100% of the development costs and may be eligible for loans of up to 90% of total project costs.

Steve Larkin, Director of Development Finance

Steve Larkin, Director of Development Finance at LendInvest, said:

“Our development finance product has proved very popular with developers already, as our tremendous progress over the last four months demonstrates.

“We have big plans for development finance, and removing the exit fee makes it even more attractive to the small-scale developers who we are committed to supporting. These experienced developers know what they are doing, have exciting projects that need support, and stand to be the solution to the country’s housing crisis. We want to help get their projects moving.”

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Contact

John Fitzsimons, PR Associate – [email protected]/0203 846 6817

About LendInvest

LendInvest is the UK’s leading short-term property lender. The company was spun out of Montello Bridging Finance, the established bridging finance provider, in summer 2013.

LendInvest aims to bring the speed, efficiency and transparency of marketplace lending to the mortgage market for the first time. In the last two years, LendInvest has originated over £625million of loans to landlords and developers for terms lasting one month to three years, making it one of the most active short-to-medium term mortgage lenders in the UK.

LendInvest became the only UK marketplace lender to report two years’ of profitability in its first two years of trading, with profits for FY 2015 rising to £3.1 million.

LendInvest is authorised and regulated by the Financial Conduct Authority and in June 2015, it became the first marketplace platform to be rated by a regulated European credit rating agency.

All loans are secured by a registered first charge against property in the UK and the company has consistently provided returns to investors of 5+% per annum.