LendInvest Funds £3.7 Million for Apartment Block in Barnet

18 May, London– LendInvest Mortgages (LSE: LINV), one of the UK’s leading asset managers for property finance, has announced funding for a new development in the London Borough of Barnet.

The £3.753 million facility will be used to demolish an existing building and replace it with a new build comprising three 3-bedroom and six 2-bedroom apartments on the ground, first and second floors. The new development will also include 9 parking spaces in the basement.

This is the second facility that LendInvest provided to the developer, and upon completion, they plan to exit onto a Buy-to-Let line of financing.

LendInvest provided the funding, which was structured at 70% LTGDV over an 18-month term. Notably, the lender approved the deal well ahead of the purchase completion date, ensuring a seamless transaction on the day.

Steve Larkin, Managing Director for Development at LendInvest, said: “At LendInvest, we’ve always been committed to supporting SME developers across England, Scotland and Wales.

This particular facility is the perfect example of a developer seeing the potential in a piece of land, and with the UK in need of new housing, these 9 new apartments are another step in the right direction.

Providing financial certainty and technical expertise needed to get schemes like this off the ground is where LendInvest adds the most value. We are very much open for business and are eager to support more SME developers in bringing their next vision to life.”