Lendco reports over £100m of funding enquiries in first two months

Lendco has revealed that it has seen over £100m of funding enquiries during its first two months of operation.

The recently launched lender started taking enquiries on 1st May and was created by the group behind SPF Private Clients following significant investment from Cabot Square Capital.

Lendco – which is led by managing director Simon Knight (pictured above) – aims to support experienced property investors and professionals who need bespoke credit assessment for investment lending, developer take-out loans, refurbishment loans as well as standard bridging.

“Our aim is to be a boutique lender with limited distribution,” said Simon.

“We expect the majority of our lending to be derived from a select and narrow group of intermediaries who we know to have similar challenges with solutions for their customers.

“We are only now starting conversations with introducers who we are already familiar with and we are confident we can fulfil our lending ambition while remaining true to our principles of service and pragmatism.

“We have modest targets and are already ahead of our plan, we have seen over £100m of funding enquiries during our first two months, so we are delighted with the response so far.”

The Lendco team is made up of Stuart Kelly, former director of lending at Shawbrook, and Graham Ingleson, who was a senior lending manager at Shawbrook.

Both have deep experience in all aspects of commercial, bridging and BTL lending.

Explaining the reasons behind the launch, Mark Harris, chief executive at SPF Private Clients, said it had seen many gaps where it was not able to exactly satisfy client demand, so it decided to do something about it.

“We now have a lender within the group with a highly skilled credit team which enables us to improve our client offering even further.

“Lendco sits as a standalone legal entity within our group and is independent from our other businesses.

“It has entirely separated IT infrastructure, systems and controls and all staff are employed by Lendco.”

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