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LendInvest introduces bridge-to-let and cuts rates

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  • 02/10/2018
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LendInvest introduces bridge-to-let and cuts rates
LendInvest has introduced a bridge-to-term lending transition service for landlords looking to purchase a property, make renovations and then switch to a buy-to-let loan.

 

The lender will apply a dedicated case manager and underwriter throughout the process, with up to 75% loan to value (LTV) available on bridging loans and 80% LTV on the buy-to-let mortgage.

The same valuer will be used for both the initial valuation and the revaluation to provide consistency and a 25% discount for the revaluation will be applied.

Borrowers will also receive discounted legal fees with the same solicitors for both the bridging and buy-to-let completions being used.

LendInvest said it was designed to support landlords looking to purchase residential property at auction, undertake refurbishment or carry out minor development and then refinance to a longer-term deal.

“The product transition process ensures that all of the borrower’s funding requirements are met at each stage of their project, while cutting back the cost, complication and time consumption usually associated with refinancing,” it added.

Title insurance will be available for residential bridging refinance and auction cases up to £750,000 and included for free for buy-to-let remortgages up to £750,000.

 

Cutting rates

The lender has also cut rates on its residential and commercial bridging, development exit and auction finance products.

Monthly interest rates now start from 0.55% for residential bridging, auction and development exit and 0.79% for commercial bridging.

LendInvest chief commercial officer Matthew Tooth said: “As the business’ lending capital grows, we are able to be more agile and offer better rates.

“Cutting our bridging rates in this way, supported by the depth of expertise within our business development manager and underwriting teams, puts us in a highly competitive position when it comes to providing quotes for finance to intermediaries looking for the best deal for the borrower.”

 

 

 

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