The new funding will support the growth of its buy-to-let and residential mortgage ranges
Non-bank mortgage lender LendInvest has announced a £500 million investment from digital bank Chetwood Financial to fund part of its future mortgage originations for its buy-to-let and residential mortgage products.
“We are delighted to receive this funding from Chetwood to support the scaling of our BTL and residential mortgage products,” commented Rod Lockhart (pictured), chief executive at LendInvest. “This funding follows our recent sale of a portfolio of residential buy-to-let mortgages to Chetwood for £243 million, and further strengthens our partnership with the business.
LendInvest said the new funding would further the growth of its buy-to-let business, which supports professional landlords, as well as its residential mortgage range, developed to support customers who were underserved by high street mortgage lenders.
It entered the residential mortgage market in March, with the launch of a range of products aimed at the increasing number of homeowners with more complex sources of income, such as contract workers or the self-employed.
The lender claims to be the first fintech to provide an entirely online experience for buy-to-let customers and the first UK fintech to securitise its own mortgage assets just 18 months later.
Chetwood joins the growing list of global financial institutions choosing to support LendInvest’s mortgage products, including Barclays Bank, BNP Paribas, Citi, HSBC, JP Morgan, Lloyds, and National Australia Bank (NAB). Just two months ago, Wells Fargo joined its £200 million financing syndicate with NAB to support the expansion of LendInvest’s buy-to-let proposition.
Exciting news out this morning, @LendInvest has secured £500 million in funding to support the growth of our Buy-to-Let and Homeowner mortgage range. pic.twitter.com/Lovddbf1LB
— LendInvest (@LendInvest) July 3, 2023
Lockhart added: “The commitment from Chetwood underscores the growing confidence and trust that numerous financial partners have placed in LendInvest. This investment will strengthen our BTL proposition and newly launched residential mortgage product, empowering us to provide competitive products to professional landlords and prospective homeowners across the nation.”
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