BNP Paribas has joined LendInvest’s £300m financing syndicate, alongside HSBC and Barclays Bank.

This syndicate will be used to fund LendInvest’s short-term mortgages, which will include financing for the refurbishment of old housing stock to enable it to be rented or sold. The three lenders have committed £300m, with £100m in new funds under management.

This partnership increases LendInvest’s funds under management to £3.7bn.

There are now a number of large financial institutions backing a range of LendInvest’s mortgage products, including Lloyds, JP Morgan, HSBC, Barclays Bank PLC, Wells Fargo, Citi and NAB.

The announcement follows recent news that in April, Wells Fargo joined LendInvest as its latest funding partner for its buy-to-let business.

LendInvest chief executive officer Rod Lockhart says: “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.”