Specialist finance provider LendInvest has seen a 13% increase in BTL and short-term mortgages during its financial year ended 31st March, driving its platform assets under management to grow by 8% to £2.8bn.
According to the lender’s annual results for its FY24 financial year, its funds under management also grew by 14% to £4.1bn, driven by £700m in new separate account mandates.
However, LendInvest's overall new lending fell to £886.5m, a 11% drop compared to the £994.8m figure the year before.
In addition, the business saw a £20.1m profit loss after tax, driven by accelerated recoveries of non-performing assets, disposal of low-margin assets, lower lending volumes, and a higher degree of one-off costs.
The lender has also restructured its team to a 200-employee headcount, with payroll costs reduced by circa 25% per annuum.
Overall, the lender expects to return to profitability during its next financial year, as previously forecast.
In addition, the lender has confirmed the appointment of Stephen Shipley as the firm’s chief financial officer, effective immediately.
Stephen brings over 30 years of experience to the role, gained from his previous work at various companies, including Barclays and Foundation Home Loans.
The firm's interim CFO, Hugo Davies, will return to his original role as LendInvest's chief capital officer, and will also assume responsibilities as the managing director of the mortgages division.
Commenting on the results, Rod Lockhart, chief executive at LendInvest (pictured above), said: “Our strategic focus on technology, funding diversification and exceptional customer service has bolstered our resilience during what has undoubtedly been a challenging year, but also a year of important strategic transition.
“The successful launch of our mortgages portal is a testament to our innovative approach and commitment to delivering operational efficiency and growth.
“We remain confident in and focused on our target of returning to profitability during the current financial year.
"Our team's strategic initiatives have laid a strong foundation for future success, and I am particularly thankful for their dedication over the last 12 months."
