LendInvest sales director Ian Boden says it has been "very gratifying" to see the specialist property lender form a 200-strong buy-to-let broker panel.
The business announced the formation of a national broker panel, comprising more than 200 brokers, packagers and other deal introducers, following the launch of its buy-to-let (BTL) product in November 2017.
LendInvest BTL mortgages are only available via intermediaries who consequently play an important role in raising awareness of the product offering among high quality, prospective borrowers.
The lender’s ability to assemble a panel of over 200 brokers in the ten-week period that included the Christmas and New Year hiatus demonstrates the appetite of brokers to get behind good quality products in the market.
And Mr Boden said: “It has been very gratifying to sign up so many broker and other intermediary partners in the few weeks since we launched our first BTL loans. We are hugely appreciative of their support at such an early stage.
"It has really allowed us to hit the ground running with the new product, confident that there is strong market demand for the sorts of loans we are offering. As the panel beds down and traction grows, we expect demand for LendInvest BTL loans to increase significantly through the year.”
LendInvest BTL loans are available for amounts between £50,000 and £5 million, and on terms of up to 30 years. A maximum loan-to-value of 80% applies. They have been priced to be highly competitive in the current specialist BTL market, and include attractive two, three and five-year fixed rate products. Loans are available for professional individuals and limited companies.
The BTL product has been developed with portfolio landlords in mind and caters for the full spectrum of the residential property investment market.
In the weeks since the product’s launch, LendInvest says it has processed several hundred signed BTL applications and completed a number of its first cases.
James Hardwick of Charleston Financial in Milton Keynes said: “LendInvest’s online calculator is the best in the market. It’s really helping brokers to do a quick quotation of affordability, before progressing an application through the excellent online broker portal.”
Doug Hall of 3mc in Greater Manchester added: “It is both welcome and refreshing that a new entrant can come to market demonstrating a commerciality of underwriting approach.”