Landbay doubles lending volumes to £100m in six months
Mortgage marketplace lender Landbay has hit a new nine-figure milestone in its lending to buy-to-let landlords.
The London-based company confirmed today (March 7) that it has lent £100m in the buy-to-let space since launching in 2014.
The figure is almost double the £59m milestone recorded in September last year.
Growth was attributed to portfolio landlords and their brokers increasingly turning to specialist mortgage lenders for support on the regulatory changes reshaping the sector.
Landbay pointed to its tech-led approach, which it said enables “far more rapid processing” than high street lenders are able to offer.
Lending is available through the firm’s network of intermediary partners.
CEO and founder John Goodall said: “We spent four years building a strong foundation for the business in an innovative and exciting financial space, but the last six months has been a real step change.
“Our commitment to high standards and speed for brokers has created a loyal following for Landbay and reaching £100m is just the beginning.”
He continued: “Lenders have been falling over themselves to help landlords and their brokers navigate an increasingly complex buy-to-let market, but it is the specialist lenders that have taken it in their stride.
“If doubling our total lending volumes in the past six months isn’t proof enough that the specialist lending model is well suited to the current climate, then the fact that traditional lenders have been propped up by the Bank of England’s Term Funding Scheme should be.”
Speaking further, John said that as the scheme comes to an end, and mainstream lenders “can no longer rely on this source of cheap capital”, Landbay’s proposition will become “yet more competitive”.
He added: “I look forward to running with the opportunity this brings.”