LendInvest chief Rod Lockhart obtained no bonus or pay rise final yr and had his efficiency shares cancelled, amid a difficult yr for the property lender because it fell right into a £27.3m loss.
In keeping with the agency’s 2024 annual report, for the interval ending 31 March 2024, Lockhart’s whole remuneration for the yr was £418,000, flat on the earlier yr. This comprised a base wage of £400,000, with the rest consisting of advantages and pension.
On 1 August 2023, efficiency shares price 94 per cent of his wage – £376,000 – had been granted to Lockhart. Nevertheless, following an analysis, the remuneration committee agreed to cancel this award to assist prudently handle expenditure and dilution headroom, the report stated.
Remuneration committee chair Stephan Wilcke highlights within the annual report that the unique grant was nonetheless far beneath the utmost of 200 per cent of wage.
Learn extra: LendInvest secures £42.5m funding facility with different funding supervisor
Co-founder and chief funding officer Ian Thomas additionally noticed his whole pay stay flat at £289,000.
The stagnant remuneration figures observe a troublesome yr for the specialist mortgage lender, amid wider property market challenges. It reported a pre-tax lack of £27.3m in its newest annual outcomes, down from a £14.3m revenue the earlier yr.
In June, LendInvest was compelled to decrease its full-year revenue steerage forward of the outcomes announcement as a consequence of an accounting discrepancy referring to the sale of its securitised loans.
The specialist mortgage lender introduced on 5 January that it will earn £12.1m from the sale of its curiosity in Mortimer BTL 2023-1 – a securitisation of buy-to-let mortgages.
Nevertheless, it later reported a problem associated to swap and hedge accounting assumptions that embrace mark-to-market changes and truthful worth hedge accounting utilized as a part of the derecognition calculation.
Learn extra: LendInvest secures £42.5m funding facility with different funding supervisor