LENDINVEST yesterday secured a new £120m funding boost from Lloyds Bank as it prepares a push into the UK's £1.2 trillion homeowner mortgage market for the first time.

The London-listed property fintech firm said Lloyds had now offered up a credit facility worth £300m after striking a deal for an initial £180m in October to fund its buy-to-let offer. Lendinvest said the deal would now boost its funds under management to more than £3.6bn.

The funding boost comes as bosses prepare to roll out its homeowner mortgage product to the market after a period of initial testing in December.

Rod Lockhart, Lendinvest chief, said the "complexity" of the UK mortgage market made it "ripe for disruption" for digital lenders.

"There's a huge number of manual processes, even for the most simple mortgages," Lockhart told City A.M.

(c) 2023 City A.M., source Newspaper