LendInvest launches streamlined development product switch process

by:
  • 12/02/2018
  • 0
LendInvest launches streamlined development product switch process
LendInvest has launched a new process for development finance borrowers to transition between products.

The product transition process allows existing borrowers to transfer easily between specialised loans that are tailored to support them at each stage in their development project.

Borrowers that transfer from one development finance product to another will deal with exactly the same team they dealt with when originally applying for their first loan, including the same relationship manager, and the same lawyers and professional team.

The borrower will also benefit from a shorter application form, reduced underwriting on their subsequent loans and the use of an internal quantity surveyor.

LendInvest said it believed this was a market-first initiative and would apply whichever way a borrower needed to transition from one loan type to another.

This includes transferring from pre-construction finance to refurbishment finance, or development finance to a development exit loan.

The lender added that this continuity of service would speed up the administrative process and also meant the professionals facilitating the new loan would be familiar with the borrower and their background.

 

Taking pressure off

LendInvest co-founder and chief investment officer Ian Thomas said: “As a modern mortgage lender, we are continually thinking and devising new innovations that transform for the better how our developers can access the finance they need and move as smoothly as possible through the loan process.

“It is not just a matter of knowing what the borrower needs now, but also confidently anticipating what they will need in the coming months – and even years – that follow.”

Director of development Steve Larkin added: “In building this fluid transition process, which exists nowhere else in the market, we ensure that we have even more flexibility to consistently deliver the best service whilst passing on savings in time and money to the borrower.”

Amit Malhotra, director of residential property developer Investams, used the product transition service to move from a development finance facility to a development exit loan when his project reached practical completion.

Malhotra, commented: “Having the option to quickly and painlessly transfer from our initial development loan, to a development exit, gave us the flexibility we needed as well as taking the pressure off rushing a sale.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions

Read previous post:
East Anglia and London set for biggest jump in mortgage repayments after rate rises – Resolution

Mortgage bills would inflate most dramatically for younger homeowners and those based in London and East Anglia if rates were...

Close