Aldermore research on first-time buyers rejected for a mortgage

Aldermore, the specialist finance lender, have commissioned research which shows nearly half of all first time buyers have been rejected for a mortgage.

The survey also found that over 35% have been turned down once for a mortgage and a further 10% have been rejected more than once.  The most common reason behind the rejections was given as self-employed or contract worker status.  Other reasons for the rejections include poor credit history and lack of deposit funds.

In March, Aldermore carried out a first time-time buyer index which found the most common reason for rejection was applicants’ existing debts at that time.  Worker status such as self-employed was the ninth most common reason for an application to be declined.

This recent survey has also shown a lack of confidence with 62% believing that purchasing a house in this climate is less achievable. In the hopes of securing a mortgage, 34% of people were looking to improve their credit score by paying off debts, paying bills on time and registering on the electoral roll while some have given up their self-employed status.

Since March, many low-deposit mortgage deals have disappeared from the market due to lenders’ concern about the potential for house prices to fall.

Jon Cooper, head of mortgage distribution at Aldermore Bank, said: “A decline for a mortgage can be a deflating experience for those looking to fulfil their dreams of home ownership. But do not despair as options for first-time buyers and the self-employed have broadened over the past decade.”

He said there has been a growth in specialist lenders who can handle more complicated applications.

Mr Cooper added: “The current generation of first-time buyers are now far more diverse, coming to the market with a wide range of financial backgrounds. But one constant is they all appear to find the process confusing and complicated and the pandemic has only heightened this.

“It may feel daunting at times so we would recommend seeking advice from a mortgage broker that can give a whole of market view and provide options specific to a new buyers’ individual circumstances.”

Original article featured here:

source https://commercial-mortgages-broker.co.uk/aldermore/aldermore-research-finds-nearly-half-of-first-time-buyers-rejected-for-a-mortgage/

LendInvest has record quarter for signed bridging applications

LendInvest, the London based buy to let finance and bridging finance platform, have announced a record quarter.  In Q3 of 2020, signed bridging applications rose by 65% compared to the same period in 2019.

During the period of national lockdown earlier this year, LendInvest remained open for business and continued to process existing and new loan applications.

Significant increases in signed applications were achieved during the first half of the year, then all previous records were exceeded with a 58% increase on total signed Bridging applications from Q2 to Q3.

Justin Trowse, director for bridging at LendInvest, said: “It’s been a tremendous quarter for new short-term lending business at LendInvest. 

“Our pipeline is a record to date, and with the completion levels increasing month on month, we can only see this trend continuing into Q4 as property professionals seek to capitalise on the stamp duty land tax holiday ahead of its current withdrawal date in spring 2021.” 

Leanne Smith, sales director at LendInvest, added: “The team has worked tirelessly over the past six months not only allowing us to remain open for our brokers and borrowers throughout lockdown, but also ensuring those customers received the highest level of service throughout this time. 

“Call volumes and new applications are at the highest we’ve ever experienced and bridging packaging has improved materially for us internally.”

“With new systems and processes constantly being reviewed to manage and improve turnaround times, I am confident that we will be able to meet the increasing demand for property finance over the next couple of months while maintaining the high service levels we currently are.”

Original article featured here…

LendInvest continue to grow and expand, having recently launched their new BTL product range, broadening lending criteria to include first-time landlords and student let HMOs.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-has-record-quarter-for-signed-bridging-applications/

Puma Property Finance strengthens regional presence

Puma Property Finance, part of Puma Investments, the development finance specialists, have announced the relocation of Manager Paul Murphy to Manchester.

This reflects increased lending in the North, having delivered a total of £150m to finance development in the region. Puma has continued to grow significantly in recent years,  lending over £200m in new loans in 2019.

Paul Murphy spent several years at LendInvest working as a  senior financial analyst prior to joining Puma and nearly five years as a consultant in PwC’s actuarial department before that.  Originally from Newcastle, he has a well-established professional network and will continue to build on the lender’s success in moving to Manchester from the London office. After his relocation, he will be looking to work with professional developers in the region to provide loans typically between £5m and £35m.

As well as residential development projects, Puma delivers development loans to finance commercial and specialist sector projects such as hotels, student accommodation and healthcare, including care homes and retirement living.  The business offers three core loan products: stretch senior development loans; pre-development bridge finance for site acquisition; and post-development exit finance.

David Kaye, chief executive of Puma Property Finance, said: This move marks a strategic investment into the region and underlines our commitment to further strengthen our national lending activity.

“We continue to see a number of compelling development projects across the country and Paul is well placed to capitalise upon and grow our existing pipeline of new deals in the region.”

Original article featured here…

source https://commercial-mortgages-broker.co.uk/news/puma/

Roma Finance announce reduced rates and increased LTVs

 

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has announced a reduction in rates and increase in LTVs across its product range.  Loan amounts have been increased to a maximum of £3m and exit fees have been removed from the majority of the range.

For residential investment property bridging, the standard rate has been reduced to 0.65% per month with no exit fee and a maximum LTV of 70%.  Loan terms are between three and twelve months.

There has also been a reduction in refurbishment rates which now start at 0.85% with an LTV up to 70%.

Roma Finance recently introduced its development finance product, which now has rates starting from 1% per month for sites of up to 6 units and a maximum term of 18 months.  The commercial bridging offering, launched at the same time, now offers rates from 1.10% up to 60% LTV.

Nick Jones, commercial director at Roma Finance (pictured above), said: “With increasing distribution and support from our funding lines to help us keep pace with the increasing demand, now is the time to ensure we have the right criteria and solutions to meet the appetite for growth within the business.”

He added that Roma’s business levels had risen significantly, and that it was maintaining its upwards trajectory.

“We are continuing to expand the Roma Finance team, and the new lower rates will further stimulate our business in a focused and strategic way…we will continue to deliver excellent service to our intermediary partners and customers.”

Original article featured here…

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/roma-finance-announce-reduced-rates-and-increased-ltvs/

Bridge-to-let an efficient and flexible option in a market under strain

For landlords looking to buy, convert or refurbish a property, bridge-to-let can provide an ideal solution, by taking out a bridging loan for the short term.  Once the property is ready for tenants, landlords can switch to pre-agreed terms for a longer funding solution without the need to go through the full application process again.

In the current market, demand for mortgages is rising yet extra underwriting measures have been put in place and many companies are working at a reduced capacity due to the pandemic.  It has been widely reported that waiting times to secure offers have risen, with Bridging Trends data showing that the average completion time of a bridging loan has risen to 52 days.  Understandably, this can be frustrating for all involved.

A alternative option is a bridge-to-let loan, which can prove more efficient for a landlord than a bridging loan with the intent to exit it with a buy-to-let mortgage.  Many landlords are looking to maximise returns by purchasing property, carrying out necessary work on it and then letting it.  In a recent Bridging Market Study, carried out by EY, refurbishment is the most popular reason for borrowers to obtain a bridging loan. Bridge-to-let was shown to be especially popular among investors who want to convert or refurbish property.

Barry Searle, Managing Director of Mortgages at Castle Trust, the short term, bridging finance, development finance and specialist finance provider, said: “At any time, bridge-to-let is a straightforward process that can provide investors with more flexibility and greater peace of mind than separately sourcing a bridging loan and a buy to let mortgage.

Not only does it provide certainty in an uncertain world, enabling landlords to make longer term plans for their investments without carrying the risk of being unable to secure funding at the right price once the bridging facility comes to an end.

But it also creates efficiencies in the application process at a time when capacity in the entire mortgage system is under such strain.

So, if you are looking for a way to relieve the pressure, think about bridge-to-let.”

Original article featured here…

It was recently reported that the UK housing market saw its busiest month for home buying in 10 years.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/57427/

Record number of completions for Octane Capital

Octane Capital, the multi-award winning specialist finance house offering bridging finance and refurbishment finance, has announced that it has had a record number of completions.  The number recorded between July and September this year was up 125% on Q3 last year, making it the biggest quarter for completions since Octane Capital was launched in 2017.  This was also a 158% rise on the figures from Q2 this year.

There has also been a significant rise in applications recently, with a 190% increase in Q3 compared to the same period last year.  In Q2, applications also rose by 156%.

Matt Smith, director of credit and risk at Octane Capital, said: “Activity in the property market went off the Richter scale when the country emerged from lockdown.

“The massive release of pent-up demand, subsequently boosted by the stamp duty holiday, resulted in a record third quarter for completions, with our entire team working flat out just to keep up.

“All our lending channels are pedal to the floor, from bridging and refurbs to developer exit loans and our newly launched buy-to-let product.

“Acquisitive landlords are taking particular advantage of our bridging facilities in order to expand and improve their portfolios in advance of a predicted surge in rental demand.”

Original article featured here…

This news comes after Octane Capital created a waiting list for their BTL offering following high demand.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/highest-number-of-completions-ever-for-octane-capital/

Birketts appointed to bridging and BTL panels by LendInvest

LendInvest, the London based buy to let finance and bridging finance platform, have appointed Top 100 UK law firm Birketts to its BTL and bridging finance legal panels and will instruct them alongside two existing panel firms.

Birketts was selected following a tender process by Elizabeth Lee, Senior Associate and head of the Real Estate Finance team in Norwich.

LendInvest is continuing to grow and expand its business.  Since it was founded in 2008, it has provided more than £3bn in BTL, development and short-term mortgages. They won several awards including Specialist Lender and Buy-to-let Lender of the Year at the 2019 National Association of Commercial Finance Brokers (NACFB).  LendInvest also became the first UK fintech company to securitise a portfolio of buy-to-let mortgages in 2019.

Sophie Mitchell-Charman, sales director at LendInvest, said “As our business continues to grow, this is an ideal moment to bring a team with such a comprehensive skillset on board.

“It is important to know that our legal advice will not just be clear, but that the team are capable of providing the best and most appropriate advice on every matter.”

She added that she was confident the property team at Birketts had the understanding and knowledge to best support the company and the developers it works with everyday.”

Chris Schwer, partner and head of property division at Birketts, also stated: “We understand how crucial it is to add value to investments and businesses in the commercial property market.

“Our property team is one of the largest and best regarded in the country, with an unrivalled insight into development and investment, so I am delighted we have the opportunity to work with a business like LendInvest.

“…I am very pleased that Birketts will now work with an industry leader, helping their thousands of clients access the funds they need to develop their property portfolios.”

Original article featured here…

This news comes after LendInvest launched their new BTL product range, broadening lending criteria to include first-time landlords and student let HMOs.

 

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/birketts-appointed-to-bridging-and-btl-panels-by-lendinvest/

Free title indemnity insurance for BTL landlords from Landbay

Landbay, the buy-to-let lender, are now offering free title indemnity insurance in order to speed up the legal process.

This means lenders will not need to carry out additional searches and therefore the mortgage process and the time to completion should be significantly quicker.

This will be available for qualifying remortgages up to £1m and to 75% LTV.  The addition of this product makes Landbay one of the only lenders in the buy-to-let sector offering title insurance on remortgages meeting the required criteria.

Paul Brett, managing director of intermediaries, at Landbay, said, “Offering free Title Indemnity Insurance on remortgages will decrease the amount of time it takes for the remortgage to go through, which means that landlords and investors may have faster access to additional finance should they need it.

“For intermediaries it also provides the opportunity of highlighting the importance of Title Indemnity Insurance to their clients to ensure they are protected against all eventualities.”

Julian Sampson, partner and head of lending department at TWM Solicitors LLP, added: “Many property owners will focus on the more obvious benefits in search savings, but in the specialist lending market there is also comfort to be had from the mitigation of risk in some of the trickier areas that sometimes blight investment properties – including planning use, structural alterations and conversions, as well as remediating leasehold defects.

“Landbay is an experienced lender and we are looking forward to extending the best use of title insurance to them to provide very real benefits to the borrowers and intermediaries alike.”

 

source https://commercial-mortgages-broker.co.uk/buy-to-let-finance-2/free-title-indemnity-insurance-for-btl-from-landbay/

UK property market still ‘thriving’ with raised interest in lower population areas

The UK housing market continues to grow in strength alongside a surge of property searches in lower density areas.

Since lockdown restrictions were lifted the property market has gained momentum with an increase in transactions and the current stamp duty holiday has proved a great incentive with many keen to close deals before it ends in March 2021.  July was the busiest month in a decade for home buying, with £37bn worth of property sales agreed and the market is not showing signs of slowing at all.

Joshua Elash, director of bridging finance property lender MT Finance, said: “Transactional volumes are up again for the fourth consecutive month. Values are up again with the highest growth in over four years.

“With continued high levels of liquidity in the market, strong underlying demand, and a government committed to supporting the sector, it’s hard to see where this stops.

The property market looks and feels like one of the only market sectors outside of the digital space which is thriving. It’s breathtaking.” Original article featured here…

Research from Rightmove also shows the trend towards lower population areas continues as buyers are looking for larger houses to facilitate working from home and more outside space.

Searches doubled in 9 areas that have a population of less under 11,000 with Lightwater in Surrey being the most popular.  In comparison, searches in the 10 largest cities collectively increased by 53% and have been eclipsed by the huge rise in searches for these countryside areas.

Tim Bannister, director of property data at Rightmove, said: “Back in May when the market reopened in England we wondered how long the desire to move to the country or to smaller towns and villages would last.

“It’s clear that this short-term shift has turned into a medium term trend, as our data is showing that home hunters looking at what’s available are also turning into serious buyers putting in offers.

“There are a number of likely drivers of this change, some buyers are now more willing to have a country commute a few times a week, and others are preparing for social distancing to be here for quite some time yet, and so are being drawn to places with more outdoor space.

“Housing markets in some of the biggest cities are still busier than this time last year as the quiet life definitely isn’t for everyone, but they’re not seeing the same surge as these smaller areas.”

Original article featured here…

source https://commercial-mortgages-broker.co.uk/housing-market/uk-property-market-still-thriving-with-raised-interest-in-lower-population-areas/

Hope Capital using AI to enhance customer experience

Hope Capital, the short term lending and bridging finance house, has announced an upgrade to its service with the addition of Nivo ID verification and messaging.

This means ID verification no longer needs to be done in person as borrowers can securely verify their identity, using biometric identity verification AI.  Users can also upload all the necessary documents via their smartphones from wherever they are at a time of their choosing.

Not only will this verification and messaging technology speed up the underwriting process and thus enhance the customer experience but it also reduces the need for face to face meetings during the current pandemic.  Hope Capital will also use video calls with borrowers alongside this process in order that they can be talked through the loan terms, conditions and the borrower’s exit route.

Jonathan Sealey, CEO at Hope Capital, said: “Nivo’s technology is proving to be a great addition to our customer service as it enables underwriting due diligence checks to be done by the borrower wherever they are, at a time that suits them.

“Within Nivo’s secure messaging, we can automate certain journey flows, drop in timesaving fintech features like biometric ID&V AI or speak to customers directly.

“This flexibility makes the experience much quicker and more straightforward.”

Polly Taylor-Pullen, business development at Nivo, added: “Lenders like Hope Capital need a quicker, more flexible way to serve customers, without compromising security, and we are pleased to be providing them with this solution.

“By using Nivo, Hope Capital is able to offer a much smoother experience for their brokers and customers, strengthening these relationships, while protecting themselves from unnecessary risk.”

Original article featured here…

This news comes after Hope Capital registered a record surge in demand this summer despite the pandemic.

source https://commercial-mortgages-broker.co.uk/hope-capital/hope-capital-using-ai-to-enhance-customer-experience/

HMOs a great option even in a challenging market

HMOs can offer greater yields for landlords looking to maximise value from their portfolios. During what is currently a challenging market HMO’s are still looking like an attractive option, especially when it comes to student living. It was feared that the pandemic would affect the total number of students at university and in turn the number that would need housing, but this has not proved to be the case.

The number of students applying for university places has risen to an all-time high during 2020/2021 according to the latest figures from UCAS.  For the first time in history, more than four out of ten students have applied for a place at university.

This means more student housing is needed, with a 25% rise in searches during June this year, compared with the same month in 2019, noted by online student property portal AccomodationForStudents.

Adrian Moloney, group director of OneSavings Bank, of which Interbay Commercial is part, said: “Landlords letting HMOs continue to generate significantly higher average rental yields — 6.9% compared to an overall average rental yield of 5.8% — and 18% of landlords who said that they intend to purchase a new property in the next 12 months say they would consider buying an HMO.   And as HMOs attract multiple tenancies, gross rental income tends to outstrip single lets, meaning that the rental yield is more secure if one tenant leaves a void.

At InterBay Commercial, we allow large HMOs of up to 20 bedrooms at up to 70% LTV and we process large portfolios under one account number, which means new applications only have to be keyed once.”

Original article featured here…

The currently reduction in stamp duty and rise in general tenant demand also make HMOs an appealing choice.

Matt Lenzie from Commerical Mortgages Broker said: “its great to see continued activity in the HMO Finance marketplace despite the continued uncertainty that we face, Interbay and a number of other lenders are supporting landlords with exposure in this sector.”

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/hmos-a-great-option-even-in-a-challenging-market/

London’s suburban boroughs increasingly attractive for buy-to-let sector

The suburban boroughs of London are looking more attractive for landlords after a huge increase in tenants looking to move out of inner London.  New funding options for buy to let mortgages are available to help landlords to meet this demand driven by the pandemic.

The wave of up-sizing by tenants has been caused by the huge rise in working from home this year. The uncertainty of the future of office working has led many to reconsider their priorities when it comes to housing.  Outside space and access to good schools have also been driving factors in leading tenants away from inner city living.

Property website onthemarket reported that the number of rental inquiries from inner London tenants for rental property in Sutton this August had tripled from the 2019 numbers.  Large increases were also noted for boroughs such as Redbridge, Barnet and Croydon.  Rents in these areas are rising and some prospective tenants are offering over the asking price to help secure the tenancy.

The Telegraph noted: ‘The new demand for rental properties in these areas is out of sync with supply, helping push up prices.’ Original article featured here…

The rise of tenant demand in general across the country and current reduced stamp duty has made letting a property more appealing with many signs that now is a good time to become a buy to let landlord.

Due to the increasingly conservative lending environment, specialist lenders are stepping in to provide new funding options alongside offers for those looking to become landlords, such as Octane Capital’s new buy to let offering and the launch of Lendinvest’s first-time landlord deals.

source https://commercial-mortgages-broker.co.uk/buy-to-let-finance-2/rental-market-boom-in-londons-suburban-boroughs/

Lendinvest announce expansion of lending criteria and raises LTV to 80%

Lendinvest, the London based buy to let finance and bridging finance platform, have announced the launch of first-time landlord deals.

Their buy-to-let product range will now include funding offers for those looking to become landlords and also cater for student let HMOs (up to six bedrooms).

Customers who take out fixed 5-year buy-to-let mortgages within certain criteria will also receive £500 cashback towards their legal fees.

Lendinvest are now offering 80% LTV on standard properties as well, with a maximum loan size of £500,000.  The maximum loan size for standard properties has been raised to £1.5 million and £3 million for MUFB cases, with LTVs up to 75%.

Andy Virgo, Director for Buy-to-Let at LendInvest, stated: “Landlords are looking to move fast, and stay flexible when considering new projects at this time – in order to do that, they need the right products available to them. With these new updates, I am confident we are not only able to deliver competitive funding options, but also the right team and expertise behind them to act as a vital partner for our customers as they seek to expand their portfolios.”

Lucy Barrett, Managing Director at Vantage Finance, added: “These product improvements are yet another clear affirmation of LendInvest’s reputation for listening to, and supporting BTL landlords.

The addition of larger loans, higher LTVs and support for HMO landlords with reduced fees will be a winning combination for landlords to grow their businesses throughout the ongoing SDLT holiday.”

Original article featured here…

This news comes after recent research has shown an increase in the number of buyers entering the buy-to-let market.

source https://commercial-mortgages-broker.co.uk/buy-to-let-finance-2/lendinvest-announce-expansion-of-lending-criteria-and-raises-ltv-to-80/

Avamore Capital completes heavy refurb loan at 66% LTGDV

Avamore Capital, the London based short term and bridging finance lender, has completed a £688,234 development finance loan for the refurbishment of a property in Southfields, Wandsworth.

The two-bedroom mid-terrace property is partially-derelict, and has permission to be refurbished into a four-bedroom property under PDR.

The developer has experience with completing similar-sized projects in the surrounding area and plans to strip out and extend the building, as well as carry out further structural works throughout the property.

With an expected GDV of £1.05m, the completed scheme will be suitable for young families who are seeking a short commute into central London.

The case was introduced to the lender by brokerage Totum Finance, and presented time constraints as the developer faced delays due to the speed at which the previous owner was moving out of the property.

However, Avamore stuck to the primary timelines agreed and worked quickly around the developer’s needs.

The loan was completed at 66% LTGDV at a rate of 8.5% per annum.

Avamore was represented by Seddons Law LLP, and the borrower was represented by Taylor Rose TTKW. The monitoring surveyor on the deal was from QS Monitor.

Chris Treadwell, relationship manager at Avamore, said: “This was a good deal to get over the line.

“As we phase out of the Covid-19 crisis, we want to demonstrate our appetite to lend against development projects and that we remain competitive.”

Piragash Sivanesan, founder of Totum Finance, commented: “I’ve worked with Avamore on several transactions and their service has been consistent on every deal.

“As ever, the underwriters were always available and responsive; they remained transparent on the deal’s progress and worked closely with us to navigate around any challenges.

“They remained commercial throughout, stuck to a tight timeframe, and closed the deal with good judgement and prudent decision making.”

Original article featured here…

Matt Lenzie from CMB said: “its great to see Avamore continuing to perform, this development finance in Wandsworth demonstrates that there is a clear appetite to build high quality product in the right locations despite COVID.”

source https://commercial-mortgages-broker.co.uk/avamore-capital/avamore-capital-completes-heavy-refurb-loan-at-66-ltgdv/

Paragon provides £2m loan for Epsom housing development

Paragon Bank, the specialist lender, has provided a £2m development finance funding package to London Property Ventures to support an Epsom-based housing development.

The funding was required for a land loan to purchase the site and will be used to fund the Aviary Court redevelopment.

The site – which currently comprises of two vacant office buildings – will be extended and converted into 10 bespoke residential homes to be specifically targeted at first-time buyers.

The homes will also be privately gated and will all provide off-street parking.

The development is included in the government’s Help-to-Buy scheme, and offers the support of a 10-year structural warranty.

This development is the second London Property Ventures’ scheme that has been funded by Paragon, and it is due to be completed in mid-2021.

Andrew Fairley, senior relationship director at Paragon, said: “It is great to be able to support with funding for this scheme as it aims to bring more much needed housing for first-time buyers in an area within easy reach to London.

“Over the past few months, it has been our priority to support both new-to-bank and existing clients, so we are pleased that we have been able to continue our relationship with London Property Ventures through assisting with the development of Aviary Court.”

Matthew Jordan, CEO of investment at London Property Ventures, commented: “There is a growing demand for property in areas that offer green spaces and access to the countryside, and Epsom is a great location that offers these benefits, while still being close to London.

“We’re confident these homes will be popular with first-time buyers.”

Original article featured here…

Matt Lenzie Founder of Commercial Mortgages Broker said: “it is great to see Paragon’s support for this development finance in Epsom, which is a very stable residential area even during uncertain times.”

The news comes after Paragon Bank’s development finance division recently appointed a new relationship director to continue the strengthening of its presence in the North West.

The lender’s latest recruitments are part of Paragon’s development finance team’s strategic plan to expand and strengthen its presence in regional markets.

source https://commercial-mortgages-broker.co.uk/paragon/paragon-provides-2m-loan-for-epsom-housing-development/

LendInvest supplies refinance and development exit for North West project

LendInvest, the London based buy to let finance and bridging finance platform, has provided a £563,000 bridging loan and a £1.2m development exit to help a client purchase, convert, and sell a scheme in the North West.

The experienced developer was set to purchase the property after securing finance from another lender, but was subsequently let down.

The project consisted of seeking enhanced planning and the conversion of the 12-bedroom detached property into six self-contained apartments.

The bridging loan was introduced to LendInvest by brokerage Bridge Development Property Finance, and was provided at 70% LTV.

LendInvest also lent an additional £187,000 for conversion works in order to complete the scheme, with the aggregate value of the units on completion at just under £1.9m.

Once works on the site completed during summer 2020, LendInvest provided the borrower with a £1.2m development exit loan to support it throughout the sale process in a market facing many challenges due to Covid-19.

The development exit was provided at 65% LTGDV.

Phil Mabb, director at Bridge Development Property Finance, commented: “While disappointing to have been let down so late in the transaction, fortunately we were able to take advantage of the existing valuation and legal work for the incumbent lender.

“Thereafter, we were able to progress to a successful completion, adding just a couple of weeks to the process.

“It was very encouraging that LendInvest both stepped in to save the day and took a pragmatic view in relation to the existing professional reports, thus minimising the associated costs of an aborted deal,” he added.

Original article featured here…

The news comes after LendInvest was recently granted the highest possible rating from a European ratings agency for the sixth consecutive year.

Following a review of the company, the rating agency recognised and commended LendInvest’s handling of the pandemic crisis with specific focus on its forbearance procedures, outlining it’s satisfaction with the processes in place in preparation for the possibility of a second wave.

source https://commercial-mortgages-broker.co.uk/lendinvest/lendinvest-supplies-refinance-and-development-exit-for-north-west-project/