LendInvest introduces Appetite Statements for professional landlords
LendInvest, the UK’s leading platform for property finance, has introduced Appetite Statements for landlords seeking a pre-agreed financing offer for their future projects.
The Appetite Statement is a pre-agreed limit of what LendInvest would be willing to lend to the borrower based on specific parameters, allowing landlords to source investment opportunities with the benefit of a shorter underwriting process upon application.
As part of a standard mortgage application, if an Appetite Statement is requested an interview will be carried out to ascertain the borrower’s business plan along with their financial and credit standing.
The borrower applying for the statement will need to provide the underwriter with a fully completed portfolio schedule, and full business accounts to be reviewed.
When the landlord’s next purchase or remortgage case arises, they are then able to select the mortgage product best suited to their requirements in the knowledge that they have already secured the support of LendInvest as a financier.
Andy Virgo, director for buy-to-let at LendInvest, said: “Our aim has always been to give our borrowers the confidence to secure their next property with a solid financing offer on the table, we believe our new Appetite Statements will deliver on that aim in a whole new way.
“With buy-to-let landlords included in the recent SDLT reduction changes, there has been no better time to provide an investor with a sign of our commitment to them.”