Chetwood, a Wrexham-based digital bank, has become the latest financial firm to support LendInvest’s products. In May, BNP Paribas joined a £300m funding syndicate alongside HSBC and Barclays to support LendInvest’s short term mortgage market.
Chief executive of LendInvest Rod Lockhart said: “We are delighted to receive this funding from Chetwood to support the scaling of our BTL and residential mortgage products. This funding follows our recent sale of a portfolio of residential buy-to-let mortgages to Chetwood for £243 million, and further strengthens our partnership with the business.
“The commitment from Chetwood underscores the growing confidence and trust that numerous financial partners have placed in LendInvest.
“This investment will strengthen our BTL proposition and newly launched residential mortgage product, empowering us to provide competitive products to professional landlords and prospective homeowners across the nation,” Lockhart continued.
The investment follows shortly after LendInvest sold a £243m buy-to-let portfolio to Chetwood at a loss of £10.5m. LendInvest said the sale will allow the capital to be redeployed in more profitable places.
