LendInves has reduced the minimum loan size applicable across its suite of bridging finance products.
LendInvest will now accept applications for loans of GBP75,000 or higher. The reduction from GBP100,000 has been applied to all residential and commercial bridging loans.
The decisions follows the launch of LendInvest in Northern England and Scotland in recent months, as part of the company’s strategy to become a nationwide lending business.
A smaller minimum loan size reflects the changing profile of the typical loan application that LendInvest receives as it becomes better known in regions beyond London and the Southeast, where the average property value is lower.
Matthew Tooth, chief commercial officer at LendInvest, says: “By reducing our loan size, we will automatically open up the LendInvest proposition to more prospective borrowers working and investing in UK towns and cities far beyond London and the Southeast. 2017 will be the year that we look to accelerate our lending throughout the country.”
