LendInvest, the London based buy to let finance and bridging finance platform, has introduced ‘Appetite Statements’ for professional landlord clients seeking a pre-agreed financing offer for their future projects.
The Appetite Statement is a pre-agreed limit, based on specific parameters, of what LendInvest would be willing to lend to the borrower.
It will allow landlords to source investment opportunities with the advantage of having a shorter underwriting process upon application.
As part of a standard mortgage application, if an Appetite Statement is requested an interview will be conducted to ascertain the borrower’s business plan. It will also consider their financial and credit standing.
The borrower will be required to provide the underwriter with a fully completed portfolio schedule and full business accounts, all of which will 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 needs in the knowledge that LendInvest’s support has already been secured as a financier.
Andy Virgo, director for buy-to-let at LendInvest (pictured above), 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.”
Original article featured here…
The news comes after LendInvest recently updated its buy-to-let product range and welcomed changes in planning permissions and stamp duty.