LendInvest, a major UK platform for property finance, has secured a new £500 mln (€564 mln) investment from JP Morgan in future mortgage originations.
This transaction follows the sale of a £125 mln mortgage portfolio to JP Morgan in September 2020. It further expands LendInvest’s capacity to lend in the UK Buy-to-Let market. Having now lent over £3.5 bn, LendInvest continues to take market share from traditional incumbent lenders by offering a tech enabled customer experience, the company said in a statement.
JP Morgan joins a growing roster of global financial institutions and institutional investors working with LendInvest, including HSBC, Citigroup and the National Australia Bank.
‘This transaction is yet another example of the growing interest from large global institutions in UK Fintech, and importantly, another milestone for LendInvest,’ said CEO Rod Lockhart. ‘Working with J.P. Morgan puts us in a stronger position than ever to serve our customers in what will come to be a hugely important year for the industry. We look forward to collaborating with the team there as we continue to tailor our unique offering for landlords in an ever-changing environment.’
LendInvest was the first lender to provide an entirely online Buy-to-Let mortgage product for portfolio landlords in the UK, and has remained open for business throughout all three national lockdowns. LendInvest was the first non-bank prime BTL lender to introduce a desktop valuation product when valuers were unable to physically inspect properties.
‘There’s a huge amount of innovation going on in the UK Fintech space, which is taking place both in spite of, and in response to, the broader context of the Covid-19 pandemic. LendInvest is an exciting business with ambitious plans for the future, and our Securitised Products team has been pleased to work with them to provide capacity for over half a billion pounds of new mortgage lending,’ said Eric Wragge, managing director in Securitised Products at JP Morgan.
Despite the turmoil of Covid, LendInvest has continued to deliver strong growth. In December, LendInvest published its interim financial results covering the period from April to September 2020 which showed its loan book had grown 27% to £1.39 bn and EBITDA had climbed to £6.2 mln for the half year.
