The peer-to-peer mortgage lender will help Brilliant’s brokers service their professional buy-to-let landlord clients, including products for Houses in Multiple Occupation (HMOs), Multiple Units in Freehold Blocks and for expat borrowers.
The brokers will be able to access Landbay’s online intermediary portal, which allows them to track cases. They can use the portal to enter detailed analysis of total rental cover and existing mortgage risk of a professional landlord’s full portfolio in advance of the industry change to requirements due in September.
Landbay has also appointed BEP Systems to further develop its online application process and underwriting platform so it can rapidly expand its service to more brokers and borrowers in the buy-to-let sector.
Paul Clampin (pictured), chief lending officer at Landbay, said: “We are delighted to have joined the Brilliant Solutions panel following the recent launch of our online intermediary portal last month and our full FCA regulation at the end of last year. Brilliant Solutions offers access to a strong network of brokers across England and Wales, and their typical customer profile is a perfect match for the professional landlords we are targeting”.
Matthew Arena, managing director of Brilliant Solutions, added: “Landbay is a great addition to our panel of lenders, their unique business model and focus on such an important niche in the BTL mortgage market make them of great value to our brokers and their professional landlord clients alike. We are looking forward to this new partnership which will be particularly important as the BTL landscape changes in 2017 and beyond.”
On the appointment of BEP to develop Landbay’s online capabilities, Clampin said it was one of several steps being taken to streamline the mortgage application process.
“The BEP system will continue to support the growth of our business and provide a secure and intuitive platform to interact with our broker network. It is a cost and time-effective underwriting system for our lending team,” he said.
Established in 2013, Landbay has lent £43.34m over 245 loans, with 0% facing repayment difficulties. In January 2017 Landbay obtained ISA manager status from HM Treasury and will be opening its Property-Backed ISA over the coming weeks.