LendInvest secures funding from Lloyds Bank

RNS Number : 9035M

Lendinvest PLC

17 January 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

LEI: 213800NWMK3O4UWP9N91

17 January 2023

LendInvest plc

("LendInvest" or the "Company")

LendInvest secures funding from Lloyds Bank to launch into homeowner mortgages

-  Marks LendInvest's first step into £1.2 trillion homeowner mortgage market*

-  Facility increases LendInvest's total Funds under Management to more than £3.6 billion

LendInvest plc (AIM: LINV), a leading technology driven asset manager for UK property finance, announces increased funding from Lloyds Bank now totalling £300 million to support its entry into the UK's £1.2 trillion homeowner mortgage market^*.

LendInvest's home owner mortgage product, which beta launched in December 2022 with a select group of mortgage brokers, is due to launch more widely in 2023.

The offering is LendInvest's first entry into the UK homeowner mortgage market and is aimed at borrowers with multiple sources of income, the self-employed and small-business owners. LendInvest's proprietary technology platform, which makes even the most complex of cases simpler and faster, improves the overall mortgage experience for homeowners.

LendInvest now has more than £3.6 billion (£3.4 billion as at 30 September 2022) of Funds under Management, providing investors with opportunities to gain exposure to the UK property finance market.

Rod Lockhart, Chief Executive Officer at LendInvest commented: "We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300 million as we take our first step into the homeowner mortgage market.

"There are a significant number of people in the UK with complex income streams - from barristers to actors to NHS contract workers - who find it harder to get a mortgage because of multiple income sources or less regular pay cheques. Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.

"The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017."

^* defined as total mortgages outstanding in the mainstream and specialist homeowner segments 

--Ends--

Enquiries:

For further information, please contact:

LendInvest via Tulchan Communications                                                   [phone]

Rod Lockhart, Chief Executive Officer

Michael Evans, Chief Financial Officer

Alex Dee, Head of Investor Relations

Leigh Rimmer, Head of External Communications

[e-mail]

Panmure Gordon (NOMAD and Joint Broker)       [phone]

Atholl Tweedie

finnCap Limited (Joint Broker)        [phone]

Jonny Franklin-Adams/George Dollemore (Corporate Finance)

Tim Redfern/Alice Lane (ECM)

Tulchan Communications (Financial PR)                                            [phone]

Tom Murray

Ed Cropley

Olivia Lucas

Important Notices

The information contained within this announcement is deemed by LendInvest to constitute inside information as stipulated under the UK Market Abuse Regulation. By the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of LendInvest is Rod Lockhart .

The information contained in this announcement is for information purposes only.  This announcement has been prepared in accordance with English law, the UK Market Abuse Regulation and the AIM Rules for Companies and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.

Subject to the requirements of the UK Market Abuse Regulation and the AIM Rules for Companies, the delivery of this announcement shall not create any implication that there has been no change in the affairs of LendInvest since the date of this announcement or that the information in this announcement is correct as at any time subsequent to its date.

Forward-looking statements

Certain statements in this announcement are forward-looking statements. In some cases, these forward looking statements can be identified by the use of forward looking terminology including the terms "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve" and words of similar meaning or in each case, their negative, or other variations or comparable terminology. These forward looking statements reflect LendInvest's current expectations concerning future events and speak only as of the date of this announcement.  No statement in this announcement is intended as a profit forecast or estimate for any period.

Many factors may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of the Company to differ materially from the expectations of the Company, include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and changes in regulation and policy, including in relation to the environment, health and safety and taxation, labour relations and work stoppages, interest rates and currency fluctuations, changes in its business strategy, political and economic uncertainty and other factors. Such forward-looking statements should therefore be construed in light of such factors. Neither the Company nor any of its Directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.

 

END

 

 

STRGPUMWGUPWPUQ