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(Alliance News) - LendInvest PLC on Thursday said BNP Paribas SA joined its GBP300 million financing syndicate with HSBC Holdings PLC and Barclays PLC to support growth of its short-term mortgages.
LendInvest is a London-based non-bank mortgage lender, while BNP Paribas is a Paris-based bank.
LendInvest said the funding will support its short-term mortgages, including financing the refurbishment and upcycle of old housing stock back into circulation across the UK.
This partnership with BNP Paribas increases LendInvest's Funds under Management to GBP3.7 billion, and follows news in April that Wells Fargo & Co agreed with LendInvest to become its funding partner for its buy-to-let business.
"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," said Chief Executive Officer Rod Lockhart.
"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."
In London, LendInvest shares were down 2.9% to 79.10 pence each on Thursday afternoon, while HSBC shares were down 1.9% to 589.60p each and Barclays shares were down 1.0% to 151.68p each.
In Paris, BNP Paribas shares were down 1.7% to EUR56.86 each, while in New York, Wells Fargo shares were down 1.0% to USD37.91 each on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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