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Landbay secures £1bn funding line to bolster buy-to-let lending

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  • 08/07/2019
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Landbay secures £1bn funding line to bolster buy-to-let lending
Landbay has secured £1bn in funding from an institutional investor and said it aims to grow its buy to let (BTL) loan book significantly.

 

The BTL lender has declared an ambition to grow market share and to boost the number of professional landlords it reaches through intermediaries.

Landbay has increased lending volumes by 200 per cent over the past 12 months, doubled headcount and taken on additional office space.

The latest move followed the increase in its loan ceiling to £2m and the rise in its maximum loan term from 25 to 30 years.

The mortgage lender has focused on the professional segment of buy to let with a range of fixed and tracker deals for standard properties, small and large homes in multiple occupancy (HMOs)/ multi-units and expat lending. The products are available through brokers and Landbay’s network and club partners.

“The new funding is a huge vote of confidence in Landbay and in the private rental sector, particularly given the current political and economic situation,” said John Goodall, chief executive of Landbay (pictured).

“Demand for quality rental property is high and is unlikely to slow soon. Many tenants want to distance themselves from the hassle and cost of ownership—renting is increasingly seen as a lifestyle choice rather than the default option. 

“Landlords are vital to the economy. This sizeable injection of capital enables us to support even more landlords and their brokers,” he said.

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