Lloyds Bank has increased its funding to LendInvest to help it further grow its mortgage offering as the firm enters the residential market for the first time.
The bank has now invested a total of £300mn in the asset manager following an initial injection of £180mn last year to support the rollout of its buy-to-let lending business.
LendInvest’s residential mortgage product is due to launch widely this year following a beta launch with a small group of brokers in December 2022.
The offering is aimed at borrowers with multiple sources of income, the self-employed and small-business owners.
LendInvest chief executive Rod Lockhart said he was delighted to secure the funding and take the firm's first step into the residential mortgage market.
He said: "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."
LendInvest now has more than £3.6bn of funds under management.
jane.matthews@ft.com
