Landbay secures further £1 billion to fund mortgage lending
Specialist buy-to-let lenderhas today announced it has agreed a £1 billion deal to bolster its mortgage lending.
The funding, from a leading institutional investor, will support Landbay’s plans to significantly grow its buy-to-let loan book as it seeks to further boost its share in the market and the number of professional landlords it reaches via the intermediary market across the UK.
Today’s announcement comes at a time of rapid growth for Landbay, which has seen lending volumes rise by 200% over the last 12 months . Over the same period headcount has doubled, prompting the firm to take on additional office space in its central London office.
Founded in 2014, Landbay focuses on the professional segment of the buy-to-let market which is growing significantly as the regulatory landscape evolves. The funding announcement follows the increase of Landbay’s loan ceiling to £2 million and its maximum loan term from 25 to 30 years.
Products, which include fixed and tracker deals across standard properties, small and large HMOs/multi units and expat lending, are available to all buy-to-let landlords via their brokers and through Landbay’s network and club partners.
John Goodall, CEO, Landbay said:
“Given the current political and economic situation, this funding is a huge vote of confidence in both the UK’s Private Rental Sector and Landbay itself.
“Demand for high quality rental properties is high and unlikely to slow down any time soon. The reality is that many tenants are keen to distance themselves from the hassle and cost of homeownership. In fact, we know that renting is increasingly seen as a lifestyle choice rather than the default option.
“Landlords are vital for the UK’s economy, and this sizeable injection of capital will allow us to support even more of them and their brokers.”