LendInvest has welcomed Wells Fargo to its £200m financing syndicate with National Australia Bank (NAB) to support the continued expansion of its buy-to-let proposition.
The collaboration with Wells Fargo adds to a growing list of global financial institutions, such as Lloyds, JP Morgan, HSBC, Barclays, Citi and NAB, backing LendInvest’s mortgage products.
Since launching its first buy-to-let mortgage product five years ago, LendInvest’s Platform Assets Under Management (AuM) for buy-to-let reached £1.8bn at 30th September 2022, accounting for 75% of total Platform AuM.
The fintech firm was the first in the UK to offer an entirely online experience for buy-to-let customers and securitise its mortgage assets.
LendInvest’s paperless, online platform streamlines the mortgage process for brokers and borrowers, offering instant decisions, a superior experience and fast turnaround times from application to completion.
With over £3.6bn in Funds under Management, LendInvest has become a trusted financial partner for some of the world’s largest institutions, offering investors risk-adjusted exposure to UK mortgages.
Rod Lockhart, CEO of LendInvest, expressed enthusiasm about the partnership with Wells Fargo, saying, “We are delighted to partner with Wells Fargo as we continue to grow and diversify our funding sources and further expand our buy-to-let business.
“This most recent partnership demonstrates the ongoing appetite from global financial institutions to invest in the buy-to-let sector, and we look forward to working closely with Wells Fargo.”
The announcement follows LendInvest’s entry into the residential mortgage market in March, catering to homeowners with more complex income sources such as contract workers and self-employed individuals who are currently underserved by traditional lenders.
Lockhart added: “With our disruptive technology and full suite of property finance products, we are poised to capture an increasing share of the UK mortgage market and support the ongoing modernisation of UK property to support a cleaner, greener future.”
