P2P lender launches into development finance

P2P lender launches into development finance



LendInvest has hired an ex-Royal Bank of Scotland (RBS) real estate specialist to launch the lender’s first development finance offering for the short-term mortgage market..

LendInvest has hired an ex-Royal Bank of Scotland (RBS) real estate specialist to launch the lender’s first development finance offering for the short-term mortgage market.

Steve Larkin joins LendInvest after a 26-year career at RBS where he held a range of senior roles in real estate, restructuring and origination.

He also spent four years as head of residential development within the restructuring team.

As the director of LendInvest Development Finance, which caters for small-scale development projects, Steve has been handed responsibility for the structure and strategy behind the new offering.

Christian Faes, Co-founder and CEO of LendInvest, said: “Steve has a comprehensive understanding of the whole space and is the ideal person to launch and drive our product forward.

“The high street banks that have returned to development in the years since 2008 have a significantly reduced appetite to lend at the smaller end of the market.”

Steve said it was an exciting time to join a fast-growing leader of the alternative lending market.

“The sub-£10m development market is where fast-moving bridging specialists have the best chance to achieve scale quickly,” said Steve.

“Not only does LendInvest already have over eight years’ experience in this space, this is a sector that is ripe for technology transformation.”

Meanwhile, Matthew Tooth, Head of Distribution at LendInvest, said: “With Steve and his team coming on board, we look forward to speaking to more developers and their brokers about prospective projects on an official basis.

“We are excited too, to be able to now make more development finance loans available to our investors who like the fact that loan security increases as the projects move towards completion.”

Eligible developers can apply for loans up to 90% of the development cost or up to 65% of the gross development value, and loans last up to 24 months.

In the past year, LendInvest has provided development finance for borrowers to build or redevelop over 1,200 homes worth £360m.


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