Finance platform LendInvest has added BNP Paribas to its £300 mln (€345 mln) financing syndicate with HSBC and Barclays Bank to support its short-term mortgages business.
The £300 mln in funding will support LendInvest's short-term mortgages, including financing the refurbishment and upcycle of old housing stock back into circulation across the UK.
This partnership increases LendInvest's Funds under Management to £3.7 bn, as the business continues to present itself as the platform of choice for global financial institutions seeking to gain access to the UK mortgage market.
The announcement follows recent news that in April, Wells Fargo joined LendInvest as its latest funding partner for its Buy-to-Let business.
Rod Lockhart, Chief Executive Officer of LendInvest, commented: 'We are thrilled to welcome BNP Paribas to our growing roster of global financial partners and institutional investors, not only demonstrating their trust in our capabilities and the continued momentum in our business, but significantly supporting our short-term mortgage proposition. Housing supply is a fundamental issue in the UK at the moment and our short-term mortgages play a key role in addressing this by helping developers refurbish and upgrade old housing stock.'