Online mortgage lender LendInvest has completed its first case with Crystal Specialist Finance.
The specialist distributor turned to LendInvest as its client needed funding quickly for an investment property, but would not be able to secure a buy-to-let loan due to the state of the property.
The house, in Christchurch, Dorset, had no working kitchen, bathroom or boiler, making it unsuitable for mainstream buy-to-let lenders. However, LendInvest was able to supply the bridging funding needed to purchase the property and carry out the necessary renovations.
The case fell within Tier 1 of LendInvest’s new tiered bridging loan product range. Tier 1 deals are more straightforward cases, and are available up to 75% loan-to-value. Interest rates begin at 0.65%. Tier 2 is for cases that are more complex, such as HMOs or non-standard construction properties, with rates beginning at 0.70%, while commercial cases have their own pricing tier.
Alex Kyriacou, business development manager at LendInvest, said: “This was really the perfect bridge, and is a great example of the sort of case that our Tier 1 product was designed for. Deals that fall within this tier are available up to 75% loan-to-value, which is unusual in the current market.
“CSF’s case management team were terrific to work with - they went above and beyond to help us get this deal over the line. We look forward to working with CSF on more perfect cases in the future.”
Jo Breeden, managing director of CSF, said: “LendInvest has an excellent reputation for competitive pricing and a speedy service, both of which were truly proven with this case. Our client needed the funds quickly, and by working closely together we were able to secure the best possible result for them. ”
