The asset management platform for property finance, LendInvest, has announced further backing from Lloyds Bank, to enter the UK's £1.2 trillion homeowner mortgage market.
Investment by Lloyds Bank into LendInvest now totals £300 million, after the bank signed a financial partnership for £180 million to help the firm grow its buy-to-let business and securitisation programme in October last year.
This injection increases the asset manager's funds under management to over £3.6 billion.
LendInvest's mortgage product was launched in beta in December 2022 through a select group of brokers, and aims to streamline and simplify the overall mortgage experience for homeowners. It is due to launch widely in 2023.
Rod Lockhart, CEO, LendInvest, commented: "We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300 million as we take our first step into the homeowner mortgage market.
"There are a significant number of people in the UK with complex income streams - from barristers to actors to NHS contract workers - who find it harder to get a mortgage because of multiple income sources or less regular pay cheques. Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.
"The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017."