The deal on the property worth £235,000 was brokered by Mortgages for Business and completed in less than eight weeks.
A loan of £175,000 was completed at 74% LTV by a property developer-turned-landlord who was looking to refinance.
The interest rate of 5.12% is fixed for three years and is lower than the reversion rate of 6.58% the owner would have faced by remaining with his existing lender.
The loan was made available for a two-bed terraced house on the south coast that was built by the developer in 2011.
Steve Olejnik, sales director at Mortgages for Business, said: “The property was owned by the client’s SPV [special purpose vehicle] limited company and as such finance options in the wider buy-to-let market were restricted.
“Landbay provided an ideal solution and the entire transaction was processed quickly and professionally. The team at Landbay were great to work with and I look forward to completing more deals with them. We already have several more cases in the pipeline.”
John Goodall, CEO at Landbay, said: “It’s fantastic to get the first transaction under our belts and this confirms that all processes are working well. It’s good to be working with a specialist like Mortgages for Business who have really helped to guide us through the initial administration including working with valuers and lawyers. The pipeline is growing nicely and we look forward completing more details very soon.”
