LendInvest pauses apps on valuations and furloughs staff

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  • 09/04/2020
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LendInvest pauses apps on valuations and furloughs staff
LendInvest is pausing all applications until it can obtain in-person valuations and has furloughed staff.

 

The lender said it is accepting new applications but will only be issuing conditional offers until a full valuation can be completed.

Pipeline cases that have already had a physical valuation can complete as normal.

It added: “On a small amount of new bridging business, vacant properties and land security we can still perform a physical valuation and can continue to completion, but naturally for most cases we will need to queue them awaiting full valuation.”

LendInvest also limited its maximum loan to values (LTVs) and criteria with an updated product range as it tackles fallout from the coronavirus.

A statement from the lender said: “In light of the current difficulty of arranging property valuations, LendInvest will process new applications using automated valuation models.

“Offers on successful applications will be made on condition that a full physical valuation is conducted before completion.”

The company noted that it had taken the decision this week to use the government’s job retention scheme and furlough some staff, but that it remains open for new business with more than 140 people still working remotely.

“During March, LendInvest completed 70 bridging loans and over 150 buy-to-Let loans and the company continues to complete loans already in its pipeline,” it added.

LendInvest CEO Rod Lockhart said: “It has been an extraordinary few weeks – unlike anything any of us has experienced in our working lives.

“At such a challenging time, it’s important that property landlords and investors know that funding options are still accessible and LendInvest intends to keep accepting applications that meet our criteria.

“We also want to make sure that when this is over LendInvest is best placed to hit the ground running again.”

 

Product ranges

It has issued updated ranges for buy-to-let and bridging finance.

For buy-to-let, the lender has limited LTVs to 70 per cent and will lend a maximum of £750,000 on standard properties and houses in multiple occupation (HMOs) of up to eight rooms only.

Rates start from 3.35 per cent for two-year deals and from 3.55 per cent on five-year products.

Bridging LTVs are capped at 70 per cent for residential property and 60 per cent for commercial property, with rates starting at 0.54 per cent per month.

 

 

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