A £5m loan took the online lender over the half a billion pound mark as LendInvest revealed it now lends over £22m a month and has funded more than 1,200 new or rebuilt homes in the last year.
Christian Faes, Co-Founder and CEO, explained that LendInvest was able to become a profitable business due to the compatibility of online lending and short term property finance.
“Non-bank lending is starting to win serious attention from short-term borrowers and their brokers who can see how well it works for them,” said Christian.
“It is faster, more flexible and more straightforward than what’s gone before. Just as crucially though, we are filling a funding gap where many traditional banks simply cannot venture because of capital constraints or legacy issues from the financial crisis.
“With our technology built, our team in place and customer confidence in online lending soaring, 2016 will be a year of even greater scale and ambition.”
Co-Founder and Director Ian Thomas said increasing LendInvest’s share of the mortgage market would be a priority in 2016 and the company is now aiming to hit the £1bn milestone before the end of the year.
“We are excited by the response from borrowers and brokers to our new development finance product that launched in December and is driving greater application volumes already,” said Ian.
The news follows revelations that LendInvest had secured over 10% of the bridging market and doubled its new build funding towards the end of last year.
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