UK online lending platform LendInvest, a marketplace for property finance, has launched a new “Bridge-to-Let” service for borrowers seeking to refurbish a property before exiting to a Buy-to-Let mortgage.
Currently, bridge to let loans are available for amounts from £75,000 to £750,000. Terms are up to 12 months with a max loan to value of 75% and a monthly interest rate of 0.60%.
LendInvest says these new BTL products are “available for light refurbishment of residential properties, including HMOs with a maximum of six bedrooms.”
Matthew Tooth, Chief Commercial Officer at LendInvest, commented on the new product:
“With the second anniversary of our BTL product launch in sight, we can confidently explore how we can add further value for our borrowers when building their BTL portfolios. In launching our Bridge-to-Let product, we are able to provide flexible finance that landlords need during those important early stages of a BTL investment. At LendInvest we build our products in a way that allows us to serve our borrowers at each and every stage of their project. Keeping our customer front of mind allows us to continue delivering the right products to market, at speed.”
LendInvest is a Fintech that has been profitable for quite some time – a rarety in the Fintech sector. Expectations are for the company to seek a listing on the London Stock Exchange at some point in the not so distant future.