Applications for loans to finance purchases that could assist in completing transactions before the 3% Stamp Duty Land Tax (SDLT) are still being accepted at LendInvest. The borrower said applications before 1st April increases are still being considered.
Time
Matt Tooth, Head of distribution at LendInvest, noted, ‘borrowers should never let tax regime changes drive investment decisions. However, for people with property purchases in the pipeline already, our ability to review new applications for several more weeks means it may not be too late for them to avoid the stamp duty hike.’[1]
‘At LendInvest, we never applied a strict deadline for applications like many other lenders had to, because we handle each and every deal on a case-by-case basis and can apply our in-house technology to streamline and accelerate the underwriting process,’ he continued.[1]
Pre SDLT change applications welcome at LendInvest
Speedy
Would-be investors will be pleased with LendInvest’s pledge to deal with applications quickly. Tooth notes that, ‘bridging deals always vary in length depending on the capacity of all parties appointed to work on them. Solicitors and valuers are extremely busy right now with existing cases but LendInvest will do everything we can to make sure that our borrowers complete their purchases before the window closes.’[1]
‘LendInvest proved it is capable of moving fast when we completed our fastest ever loan in just three days earlier this month. Our focus on speed will never come at the expense of rigorous credit and risk controls and we will always maintain the highest underwriting standards. We will never automate the decision-making process; instead there’s a lot we can do to automate the administration, creating a better experience for borrowers and brokers alike,’ Tooth concluded.[1]
[1] http://www.propertyreporter.co.uk/finance/new-applications-still-accepted-at-lendinvest-ahead-of-stamp-duty-hike.html