(Alliance News) - LendInvest PLC on Monday said that it has received funding from Chetwood Financial Ltd to fund part of its future mortgage originations.

The London-based non-bank mortgage lender has secured a GBP500 million investment for its Buy-to-Let and Residential Mortgage products, the former of which supports professional landlords.

This follows the sale in May of a portfolio of buy-to-let residential mortgages to Chetwood for around GBP243 million. LendInvest agreed to manage and service the portfolio, which includes mortgages from March 1, 2022 to November 30, 2022, on behalf of Chetwood following the completion of the sale.

"We are delighted to receive this funding from Chetwood to support the scaling of our BTL and residential mortgage products. This ... further strengthens our partnership with the business," said Chief Executive Officer Rod Lockhart.

"The commitment from Chetwood underscores the growing confidence and trust that numerous financial partners have placed in LendInvest. This investment will strengthen our BTL proposition and newly launched residential mortgage product, empowering us to provide competitive products to professional landlords and prospective homeowners across the nation."

LendInvest shares were trading 2.2% lower at 67.00 pence each in London on Monday afternoon.

By Holly Beveridge, Alliance News reporter

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