Member Article

Online mortgage lender LendInvest in ‘industry first’ partnership with auction house startup

Online property investment platform LendInvest has announced a new partnership with online auction house LOT11, in an arrangement both firms are describing as an ‘industry first’.

As a new funding partner, LendInvest will now pre-qualify selected lots for the online auctioneer, with its logo appearing next to any properties which qualify for lending on its P2P platform so that bidders and brokers can see which properties meet its lending criteria.

The partnership aims to highlight the importance of arranging finance before bidding on properties at auction by applying the FinTech startup’s strict lending criteria to qualifying properties.

Matthew Tooth, Head of Distribution at LendInvest, said that the partnership reflects the growing importance of auction finance to the lender, and that the two firms were committed to utlising ‘sensible technology’ in traditionally staid markets.

He added: “Both LendInvest and LOT11 are challenging the status quo in our respective fields with the application of sensible technology, so we make perfect partners. This service will help prospective buyers and their brokers move quickly to secure properties that catch their eye.”

The London-based LOT11 held their first auction in November last year and have since attracted bidders from 120 countries as part of their weekly and quarterly property auctions.

Kevin Coughter, Chief Executive Officer at LOT11, added: “LendInvest has established itself as a lender which offers a speedy, efficient and flexible service for buyers and sellers who need to move quickly.

“LOT11 clients are accustomed to achieving fast results and having all of the information they need at their fingertips; this partnership will only enhance their journey with us.”

LendInvest is part of a new-generation of alternative lenders which matches up property borrowers directly to borrowers through its online platform, allowing individuals to invest in property developments.