LendInvest returns to pre-tax profitability as revenues grow 32.5%
Property lender LendInvest has returned to pre-tax profitability and achieved double-digit revenue growth.
The West End-based company recorded a profit before tax of £1.9m in the 12 months to March 31 2018, up from a pre-tax loss of just over £1.18m the year previous.
Revenues skyrocketed during the period, from around £40m in 2016/17 to £53m last year.
LendInvest saw further growth in other areas, with total loan originations up 91% to £536m and lending capital rising 94% to £791m.
The company’s total homes funded reached 2109, an increase of 229%.
Christian Faes, co-founder and CEO of LendInvest, said: “As LendInvest continues to move towards the mainstream mortgage market, we are showing that the investment we’ve made in our proprietary technology is providing an unrivalled platform for growth.
“As we move into the buy-to-let (BTL) market, we’ve been able to leverage our brand within the specialist mortgage market, our distribution channels, and most importantly our technology, all of which give us a substantial edge.”
He added: “We have lent more BTL finance in the first few months since launch than we did during our first full four years in business.”
Speaking further, Christian said LendInvest is proving that “you can be a fintech business that makes a substantial investment in building technology, uses that as a competitive advantage, and all the while builds a scalable and profitable business”.
He continued: “We almost doubled the size of the business last year, with only a relatively negligible increase in our headcount, and importantly remaining profitable which we’ve consistently done for the last four years.”
LendInvest currently manages more than £820m on behalf of investors.
Earlier this year, the company celebrated closing 2017 with £500m issued to property investors, developers and landlords.