LendInvest has launched its first auction finance product to help brokers and borrowers prepare for the first auctions of 2017.
LendInvest’s auction finance product is designed for borrowers who need their deals to be fast-tracked by their lender to ensure certainty of funding within tight timeframes.
Key features of the auction finance product are a 50 per cent discount on valuation fees; no exit fees; availability on loans ranging between GBP75,000 to GBP7.5 million; availability on terms from one to 12 months; and availability on loans with a maximum 75 per cent LTV.
Matthew Tooth, chief commercial officer at LendInvest, says: “A significant proportion of the deals that brokers bring to us are for purchases agreed at auction. In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time. Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time availability.”
The new product is the second LendInvest product to be launched in recent weeks, following the rollout of a development exit product in October. It also follows LendInvest’s expansion to Scotland and northern England in recent months, as part of the company’s regional rollout strategy.
