LendInvest has posted a trading update for the six months ended 30 September 2022.
Platform assets under management, which represents deployed capital, increased by 33% year-on-year, and by 13% since the start of the financial year, driven by growth across all lending products. The new bridging broker portal which enables a more seamless application process drove the growth in bridging platform assets under management.
Funds under management, which represents committed and deployed capital, increased by 20% year-on-year, and by 17% since the start of the year. LendInvest says it currently has more than £950 million of lending headroom to support its growth trajectory in the medium term.
In May, LendInvest announced the completion of its securitisation, which comprised £270 million of prime buy-to-let mortgages in an oversubscribed Residential Mortgage Backed Security (RMBS) transaction, ‘Mortimer BTL 2022-1’ with demand from a broad range of institutional investors.
In September, Lloyds Bank entered into a £180 million financial partnership to participate in the growth of its buy-to-let lending business and securitisation programme.
Rod Lockhart, CEO of LendInvest, said: “The UK property finance market is ripe for disruption and our performance over the last six months reflects the attractiveness of our differentiated technology-driven platform for borrowers and funding partners alike.
“We grew across all lending products in the first half of the year, particularly in buy-to-let, but also in bridging and development which benefited from our innovative new broker portal. We remain on track to launch our specialist homeowner product later this year.
“Looking ahead, we are acutely aware of the disruption in the UK mortgage market, which is affecting confidence and for the moment, applications for new mortgages have slowed across the market. Recent market dislocation has demonstrated the flexibility and speed to market capability of our platform. This provides us with a competitive edge, flexibility, and proven risk management capabilities, which in addition to the size of our addressable markets and our strong financial position, gives us confidence in our long-term prospects.”
