Buy-to-let originations were £127.9m in the six months to 31 March 2019. The product launched in November 2017.
“The UK mortgage market is dominated by slow-moving banks that are suffocated by ever-changing regulation, legacy processes and technology from the 1980s,” said LendInvest co-founder and chief executive, Christian Fees (pictured).
“We made a big move into longer-term lending with our BTL product, which is winning market share from the banks and proving very popular.”
The lender reported £2bn in total cumulative originations from 2008 to 31 March 2019.
It reported £170m in short-term finance, saying this was “continued growth in demand” for bridging and development products during the year to 31 March.
The company has secured new funding of more than £500m from investors and financial partners, including £200m from HSBC to launch a homeowner loan product later this year.
The platform’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 82 per cent to £4m and platform revenue rose by 36 per cent to £72.7m. The value of platform assets was up by 69 per cent to £788.3m during the year.
“LendInvest has notched up another year of profits showing that you can be a fast-growth Fintech business, invest substantially in disruptive technology and be profitable.
“In the past year, we secured substantial investment from pension funds, global banks such as HSBC and a fund set up by the European Investment Fund, part of European Investment Bank Group,” Faes added.
