LendInvest is still accepting applications for loans to finance purchases which could complete before the 3% stamp duty land tax surcharge.
The online property finance lender has avoided imposing a strict deadline for applications due its quick bridging turnaround times and the lack of other lenders who have kept their doors open.
Matt Tooth, Head of Distribution at LendInvest, said borrowers should never let tax changes drive investment decisions.
“For people with property purchases in the pipeline already, our ability to review new applications for several more weeks means it may not be too late for them to avoid the stamp duty hike,” said Matt.
“At LendInvest, we never applied a strict deadline for applications like many other lenders had to, because we handle each and every deal on a case-by-case basis and can apply our in-house technology to streamline and accelerate the underwriting process.”
Matt explained that bridging deals always vary in length depending on the capacity of all parties appointed to work and, as a result, LendInvest would do strive to make sure that all borrowers completed their purchases before the window closes.
“LendInvest proved it is capable of moving fast when we completed our fastest ever loan in just three days earlier this month,” said Matt.
“Our focus on speed will never come at the expense of rigorous credit and risk controls and we will always maintain the highest underwriting standards.
“We will never automate the decision-making process; instead there’s a lot we can do to automate the administration, creating a better experience for borrowers and brokers alike.”
The 3% increase in SDLT will come into effect for landlords and developers on 1st April.
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