LendInvest sales director Ian Boden says the company are bringing to market a buy-to-let product that has been created to counter the concerns from brokers about the quality and accessibility of loans.
He was speaking after LendInvest, the specialist property finance lender, officially launched a buy-to-let (BTL) loan product targeted at "experienced, professional property investors and landlords".
The 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.
And Mr Boden said: “We’re bringing to market a BTL product that has been created to counter the complaints and concerns we hear from brokers about the quality and accessibility of BTL loans currently on offer.
"Our online proposal system has been specially designed to be highly efficient, quick and easy to navigate, and lets brokers dip in and out of their clients’ applications at times that suit them. Combining these benefits with highly competitive rates, we’re confident LendInvest BTL loans will fast become a commonplace feature of the specialist lending market.”
The loans are available via intermediaries. They have been priced to be highly competitive in the current specialist BTL market, and include attractive 2, 3 and 5-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.
LendInvest has a fully online platform and the "end-to-end, paperless system has been specially designed to alleviate pain points in the typical BTL mortgage process that will be very familiar to brokers and their clients".
The hope is that the platform will also speed up applications, and provide greater administrative support to LendInvest’s experienced underwriting team. It will allow LendInvest to issue decisions (both in principle and final) very swiftly, as well as be agile and responsive to get borrowers’ deals done in as little time as possible.
Meanwhile, Ian Thomas, co-founder and chief investment officer at LendInvest, said that following a successful pilot phase, the company "are very pleased to launch our BTL product into England, Wales and Scotland.
He added: "This launch is a natural next step for LendInvest, taking us into the longer duration specialist lending space for the first time. Offering BTL loans is a critical strategic step that not only serves to address a continuing funding shortage, but takes us closer to our long-term ambition of becoming a leading whole-of-market mortgage lender.”
LendInvest’s entry into the BTL market comes after the September appointment of Mr Boden from Aldermore, where he was head of commercial mortgages. As sales director, he is responsible for the growing Business Development team and the rollout of LendInvest’s BTL loan offering nationwide.