LendInvest cuts rates on vanilla bridging products

The products are categorised as Tier 1 residential bridging and represent LendInvest’s cheapest range.

As a result of the cuts the new monthly interest rate on a 50% loan to value (LTV) bridge will be 0.64%, rising to 0.94% for the 75% LTV product.

LendInvest said is was looking to make the range more competitive.

Head of distribution Matthew Tooth (pictured) said: “This price cut ensures that LendInvest can offer brokers and their clients not only the speedy, efficient service for which we have become known, but also some of the most competitive rates in the market.”

LendInvest introduced a tiered structure for its bridging loan range in June 2016. While vanilla bridges sit in Tier 1, Tier 2 holds more complex residential loans such as houses in multiple occupation (HMOs) and refurbishment cases involving structural, conversion or extension work.

LendInvest said it had made the rate cuts from a “position of strength”. Last week the lender’s annual results showed lending had increased 84% in the year to March, to £320m, while gross revenues were up 133% to £32m.

The firm said its upward trend had not been halted by Brexit, with incoming platform investment 50% higher and total lending volumes 29% higher in the months since Brexit, than in the same period last year.