LendInvest says it has had to furlough some staff and put cases on hold unless a physical valuation has already been carried out or the property is vacant.

The lender would not confirm how many staff have been furloughed as discussions are ongoing, but says that 140 employees are working remotely.

It has restricted loan-to-values to 70 per cent for buy-to-let and residential property, while for commercial is now limited to 60 per cent.

These LTVs apply across both bridging and standard mortgages.

As a result of the current difficulties with carrying out property inspections, the lender is processing new applications using automated valuations models, however, offers will still be conditional on a full physical valuation before completion.

This means that it can only complete on cases where physical valuations took place before the lockdown, or in a small number of instances where properties are empty and surveyors are still able to visit, or where they are appraising a plot of land.

Buy-to-let mortgages will be capped at £750,000 on standard properties and houses in multiple occupation will be considered up to a maximum of eight rooms.

LendInvest has been working remotely since 17 March. 

During March, it completed 70 bridging loans and over 150 buy-to-let mortgages.

It plans to continue completing on cases already in its pipeline. 

In an open letter to staff, chief executive Rod Lockhart says the company “intends to keep lending albeit with much greater caution”. 

He adds:“It has been an extraordinary few weeks – unlike anything any of us has experienced in our working lives. 

“At such a challenging time, it’s important that property landlords and investors know that funding options are still accessible and LendInvest intends to keep accepting applications that meet our criteria. 

“We also want to make sure that when this is over LendInvest is best placed to hit the ground running again.”