LendInvest plc has agreed a £42.5 million funding facility with a global alternative investment manager.
The FinTech said the three-year strategic facility will be used to refinance an existing short-term, buy-to-let and residential mortgages funding facility.
Mortgage platform LendInvest says its proprietary technology platform makes complex cases simpler and faster, and improves the experience for prospective homeowners, property developers and professional landlords.
Last year it secured a £500m investment from Chetwood Financial to fund part of its future originations for buy-to-let and residential mortgage products. Its products are also supported by Barclays Bank, BNP Paribas, Citi, HSBC, JP Morgan, Lloyds, National Australia Bank and Wells Fargo.
Meanwhile non-executive director Penny Judd – chair of the audit & risk committee – is to step down with effect from the publication of the company’s annual results in July. LendInvest said she intends to focus on her other directorships and commitments.
Monzo posts first full-year profit as it eyes global expansion
Maeve Byrne – who has held key leadership positions at RBS and KPMG, and currently serves as a NED and audit committee chair at Alpha FMC – has been appointed to succeed her in the roles with immediate effect.
Independent NEDs Nina Spencer and Dale Murray have also notified their intention to not seek re-election by shareholders at the company’s annual general meeting in September. There are no plans to replace them.
“I want to personally thank Penny, Nina and Dale for their dedication and invaluable contributions to LendInvest during this crucial phase of change and growth over our first three years as a public company,” said CEO Rod Lockhart.
“Their collective experience and support have been instrumental in shaping our progress, and we wish them every success in their future endeavours.
“We are delighted to welcome Maeve to the LendInvest board. Maeve brings a wealth of experience and deep insight that will be of significant value to the company as we continue on our path back to profitability.”