The reduction has been applied across all residential and commercial bridging loans, a move which Lendinvest said was to reflect growing demand across the UK, particularly outside of London and the South East.
Lendinvest has expanded its presence in the north of England and Scotland in recent months. This month it appointed former Castle Trust’s Damien Druce as business development manager for the north of England after appointing Peter McDermin as its BDM for Scotland in July.
The firm said its strategy is to become a nationwide business and a smaller minimum loan size reflects the changing profile of the typical loan application.
Matthew Tooth (pictured), chief commercial officer at LendInvest, said: “By reducing our loan size, we will automatically open up the LendInvest proposition to more prospective borrowers working and investing in UK towns and cities far beyond London and the Southeast. 2017 will be the year that we look to accelerate our lending throughout the country.”