LandInvest has reduced the minimum loan size applicable across its suite of bridging finance products in a bid to open up its proposition to more property investors.
LendInvest will now accept applications for loans of £75,000 or higher, rather than a minimum £100,000, and the reduction has been applied to all residential and commercial bridging loans.
The decision to cut the minimum loan amount follows the launch of LendInvest in Northern England and Scotland in recent months, where the average property value is lower than London and the South East, and forms part of the company’s wider strategy to become a nationwide lending business.
Matthew Tooth, chief commercial officer at LendInvest, said: “By reducing our loan size, we will automatically open up the LendInvest proposition to more prospective borrowers working and investing in UK towns and cities far beyond London and the Southeast. 2017 will be the year that we look to accelerate our lending throughout the country.”