LendInvest, the London based buy to let finance and bridging finance platform, have announced a record quarter. In Q3 of 2020, signed bridging applications rose by 65% compared to the same period in 2019.
During the period of national lockdown earlier this year, LendInvest remained open for business and continued to process existing and new loan applications.
Significant increases in signed applications were achieved during the first half of the year, then all previous records were exceeded with a 58% increase on total signed Bridging applications from Q2 to Q3.
Justin Trowse, director for bridging at LendInvest, said: “It’s been a tremendous quarter for new short-term lending business at LendInvest.
“Our pipeline is a record to date, and with the completion levels increasing month on month, we can only see this trend continuing into Q4 as property professionals seek to capitalise on the stamp duty land tax holiday ahead of its current withdrawal date in spring 2021.”
Leanne Smith, sales director at LendInvest, added: “The team has worked tirelessly over the past six months not only allowing us to remain open for our brokers and borrowers throughout lockdown, but also ensuring those customers received the highest level of service throughout this time.
“Call volumes and new applications are at the highest we’ve ever experienced and bridging packaging has improved materially for us internally.”
“With new systems and processes constantly being reviewed to manage and improve turnaround times, I am confident that we will be able to meet the increasing demand for property finance over the next couple of months while maintaining the high service levels we currently are.”
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