LendInvest announces record quarter for signed Bridging applications in Q3
UK property finance platform LendInvest has reported a record quarter for signed bridging applications in Q3 2020.
Signed bridging applications were up 65 per cent year-on-year for Q3 2020 compared to the same period in 2019.
LendInvest remained open for business throughout the period of national lockdown in Spring 2020, and continued to process existing and new loan applications during this time.
The lender enjoyed significant increases in signed applications throughout the first half of the year, with Q3 exceeding all previous records with a 58% increase on total signed Bridging applications from Q2 to Q3.
Justin Trowse, Director for Bridging at LendInvest, says: “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.”
Justin Trowse took over as Bridging Director earlier this year to drive origination and guide product development by ensuring that the team is delivering a competitive offering to market.
Leanne Smith, Sales Director at LendInvest, adds: “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.”
Leanne Smith has been with LendInvest for over 8 years, and is currently responsible for managing internal sales to cope with high volumes across all products, encourage repeat business and continue to improve service levels through technology.