LendInvest continues Scottish offensive

The lender officially launched north of the border four months ago and says it has built a sizeable pipeline of deals in both Edinburgh and Glasgow across bridging and development finance.

Deals already agreed include a £480,000 bridging loan to an investor buying in Edinburgh’s Quartermile area and a £200,000 bridging loan on a property in the West End of Glasgow, which is to be refurbished into a house in multiple occupation (HMO).

Matthew Tooth, head of distribution at LendInvest, said: “The reaction since we formally launched in Scotland has been fantastic – there is a clear demand for the LendInvest model.

“But this is just the beginning. We want to be the first lender Scottish brokers and their clients turn to when they need short-term property finance.”

LendInvest entered the Scottish market in June with the recruitment of Peter McDermid as business development manager for Scotland. He joined from Shawbrook Bank and his appointment was LendInvest’s first official presence outside of London.

The lender’s full range of bridging and development loans are available in Scotland, including its development exit bridge product launched last week. The development exit bridge allows developers who have reached practical completion, but not concluded selling the units, to switch to short-term, lower cost funding.

McDermid said: “Scotland offers fantastic opportunities for property investment. But investors have been hamstrung, with little access to fast, attractive bridging finance. We are changing that, combining innovative products, a quick turnaround and local expertise.”

Ian Thomas, co-founder and director of LendInvest, will speak at Property 2016 in Edinburgh on Thursday 10 November, on the role of alternative investment for property development.