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January 30, 2019

LendInvest steps in to provide £7.35 million bridging loan in under seven days to borrower let down by another lender

London, 30 January 2019 – LendInvest, the UK’s leading online platform for property finance, has facilitated a £7.35 million bridging finance loan in just seven days for an industry leading developer.

The loan is to purchase a large commercial property in Watford town centre, with the aim of obtaining planning for a primarily residential, mixed use scheme. Upon completion, the development will comprise of residential and retail space, offices, a gym and a hotel.

This project is in a prime location, in close proximity to the large-scale redevelopment and extension of the Intu Watford Shopping Mall.

In this case, the borrower was let down last minute by another lender; LendInvest then stepped in to provide the finance for the project at speed to help the borrower avoid any delays in purchase.

The total loan provision for the site is £7.35 million, with an LTV of 75%. LendInvest took only seven days to complete this loan, due to the time constraints on the borrower.

Matthew Tooth, Chief Commercial Officer at LendInvest said: “When a borrower is let down last minute by a lender it can have a disastrous effect on the timeline of their project. In this instance  our team quickly identified whether we could assist, and then went the the extra mile to ensure the deal got over the line in a time frame that caused the least possible disruption.”

SPF Private Clients acted as the broker for this deal.

Daniel O’Neil, Director at SPF Private Clients said: “Having been let down by a bridge lender a week before purchase completion on a £7.35m loan, I immediately turned to Rebecca Murphy at LendInvest to help replace the funding required to complete on the property on behalf of the client. Clearly time was of the essence with this deal, however we were able to meet with LendInvest the following morning, appointed the solicitors, and agreed the timetable for completion for seven days thereafter.

“The process and experience throughout the deal was both seamless, and expertly tailored to meet the client’s requirements and timetable. Monies were moved the evening before completion and held to order, to enable a smoother process on the day of completion. The client was extremely pleased and impressed with the speed and competency of LendInvest, and expects this to be the first of many successful deals in the future.

About LendInvest

LendInvest (www.lendinvest.com) is the UK’s leading online platform for property finance and investing. Since launching in 2008, LendInvest has lent over £1.7 billion ($2.1 billion) to help buy, build or renovate over 5,000 homes across the UK.

LendInvest uses technology to provide borrowers with short-term Bridging finance, Development finance and Buy-to-Let; and investors that include retail investors (in our London Stock Exchange listed bond), investors on our Online Investment Platform and some of the world’s largest financial institutions, with stable income secured against property.

LendInvest is still majority owned by the founders and staff of the business, but has also raised equity from the same investors that founded Skype, and early investors in financial technology businesses like Klarna, Stripe and SoFi.

Media contacts

Louise Hetherington PR Manager
Leigh Rimmer Public Relations Associate