Core earnings of £6.2m in the six months to 30 September 2020 were reported in the latest half year results, while gross profits rose by 22% to £17.6m. Gross revenue saw a rise of 11% compared to the previous year, reaching £56.4m. There was also a 27% rise year-on-year for gross loans and advances, with nearly £1.4bn processed.
This interim results report was published by LendInvest’s listed subsidiary, LendInvest Secured Income. It showed that £112.5m in short-term loans to property business owners and professionals had been invested by LendInvest as at 30th September 2020.
Rod Lockhart, chief executive of LendInvest, said “It’s been a uniquely challenging year, one which the industry could never have foreseen nor planned for”
“Despite the challenging macro-economic environment, we have continued to grow our loanbook, proven out our business model, solidified our balance sheet and substantially grown our profitability as we move into 2021.
“The performance of the business over this period is a testament to our ongoing investment in technology, and the operational infrastructure we have built; we delivered an online experience to our customers when they needed it the most.”
Original article featured here…
Lendinvest was recently recognised by the National Association of Commercial Finance Brokers (NACFB) as the BTL Lender of the Year in the 2020 awards. This is the second year running the lender has been awarded top place in this category.