LendInvest has reported strong growth in its trading update for the year ended 31st March 2023, ahead of its full-year results announcement in mid-July 2023.
The platform’s Assets under Management (AuM) increased by 20.5% year-on-year, and by 6.4% in H2, driven by growth across all key product categories, including professional buy-to-let, bridging, and development finance.
The company launched its first residential mortgage products, targeting borrowers with multiple sources of income, the self-employed, and small-business owners.
This marks LendInvest’s entry into the £1.7trn residential mortgage market, as it brings its technology-driven model to a new sector.
Lloyds Bank increased its funding to LendInvest by £120m, totalling £300m, to support this new growth vector.
Additionally, HSBC and the British Business Bank have provided up to £100m in funding through the Government-backed ENABLE Guarantee program to support LendInvest’s development finance products. This will enable the company to continue supporting home-building and addressing the housing undersupply in the UK.
Rod Lockhart, CEO of LendInvest, said: “Our technology enables us to continue developing disruptive new solutions in existing and new parts of the mortgage market, giving us a competitive edge with brokers and borrowers and helping us to continue to attract diverse sources of capital.”
Despite economic uncertainties, LendInvest anticipates continued growth in the year to end 31st March 2024, with £1bn in lending headroom and its recent launch into residential mortgages offering significant long-term growth opportunities.
Lockhart added: “Our recent launch into residential mortgages will continue to ramp up and provide a tremendous long-term growth opportunity as we leverage our technology to make even the most complex of mortgage applications simpler and faster for a neglected customer base.”
