Member Article

LendInvest sees strong demand for its ‘speedy’ financing model in Scotland

Online mortgage lender LendInvest has enjoyed a buoyant start to life in Scotland after closing a number of big deals north of the border since launching four months ago.

The London-based FinTech firm says it has completed a number of big bridging and development financing agreements and developed what it describes as a ‘sizeable’ pipeline.

Two stand-out deals include a £480,000 bridging loan for an investor acquiring a property in Edinburgh’s upmarket Quartermile area, a deal which was completed on the same day that the application was received, and a £200,000 bridging loan on a property in the West End of Glasgow.

Fortunes at the alternative lender have been on the rise this year, with 133% revenue growth despite the Brexit vote and a £40m funding boost at the end of April.

Matthew Tooth, Head of Distribution at LendInvest, said that the firm was aiming to become the ‘first lender’ that Scottish brokers turn to when they need short-term property finance.

He said: “LendInvest is quickly building a reputation for speedy, efficient financing north of the border. The reaction since we formally launched in Scotland has been fantastic - there is a clear demand for the LendInvest model of a varied product range of competitively priced loans and outstanding customer service.”

LendInvest’s Scottish business, which is its first outside of London, is headed up by Business Development Manager Peter McDermid who joined the lender from Shawbrook Bank.

Following LendInvest’s strong start to life in Scotland, McDermid commented: “Scotland offers fantastic opportunities for property investment. But investors have been hamstrung, with little access to fast, attractive bridging finance.

“We are changing that, combining innovative products, a quick turnaround and local expertise.”