Online mortgage lender LendInvest, has launched its first distinct auction finance product to help brokers and borrowers prepare for the first auctions of 2017.
LendInvest says the product is designed to help brokers and borrowers to prepare for early 2017 auctions and is designed to assist with deals that need to be fast-tracked to ensure certainty of funding within tight timeframes.
The auction finance product offers 50 per cent discount on valuations and no exit fees. It’s available on loans from £75,000 to £7.5m from 1 to 12 months, with a maximum LTV of 75 per cent.
LendInvest chief commercial officer Matthew Tooth (pictured), says: “A significant proportion of the deals that brokers bring to us are for purchases agreed at auction.
“In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time. Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
The product follows the rollout of LendInvest’s development exit product in October.