In its latest trading update for its financial year ended 31st March 2024, LendInvest has revealed it saw a 102% growth in BTL completions between January and March 2024 — the lender’s fourth quarter of its 2024 financial year — compared to the previous three months.
During this quarter, the firm reported a 106% increase in BTL signed applications and 96% growth in BTL mortgage offers, which resulted in BTL completions almost doubling compared to its Q3 2024 financial quarter.
According to the lender, this is a result of its “enhanced pricing agility, optimised operating capacity, and a superior customer journey” following the launch of its new proprietary LendInvest Mortgages portal — which has led to a 25% decrease in headcount cost run rate while maintaining the firm’s operating and originations capacity.
Overall, its platform assets under management rose by 7.6% year-on-year, while its total funds under management saw a 14% year-on-year increase, driven by the completion of new separate account mandates (£700m) in the mortgages division and the derecognition of Mortimer BTL 2023-1.
The proportion of funds managed on behalf of third-party investors increased by 36% year-on-year.
In the trading update statement published today (18th April), LendInvest said it continues to explore a strong pipeline of investor opportunities, and expects to secure new separate account/forward flow arrangements across both divisions over the next financial year.
The lender’s board will announce the full results for its FY2024 in July this year.
Commenting on the results, Rod Lockhart, chief executive officer at LendInvest (pictured above), said: “This past year has been a tale of two halves for us at LendInvest; the first half was characterised by significant internal restructuring — we prioritised liquidity, balance sheet flexibility, and reducing our cost base — crucial steps towards securing the financial health of the business.
“In the second half of the year we are now beginning to see the fruits of our labour; the benefits of our early-year actions are becoming apparent, and we're experiencing a turnaround in the operating environment.
"The launch of the LendInvest Mortgages Portal marks significant progress in our roadmap, seamlessly integrating our entire mortgage suite into one unified platform — this development has transformed our operations in the Mortgages division, significantly enhancing efficiency for both our customers and internal teams.
"There are also encouraging signs in the broader market landscape, and our achievement of a record number of BTL offers in February reflects the robust demand and confidence in our product offerings and service.
“As we move forward, our sights are firmly set on bolstering these efforts, with a clear focus on driving towards our goal of returning to profitability during FY2025."
