Landbay reports record Q1 lending amid further growth plans

Landbay lent around £26m in the three months to April, with half of the cases completed in March.

The lender said it has now funded more than £100m of mortgages, with zero arrears, and is close to profitability.

Landbay expects to break even in the third quarter of this year.

Recruitment drive

Four new hires have been made across its technology, marketing, and sales teams, with the lender’s team expanding further over the spring.

It comes after the lender recently raised £1.75m in another fundraising round.

Previous funds have been used to invest in Landbay’s technology platform and distribution capability.

John Goodall, chief executive and founder of Landbay (pictured), said: “The past four years have been a journey of expansion and development, but the last six months have been a real eye opener as to what we can achieve as a company.

“After reaching the £100m lending milestone in March, we have continued to gain momentum, and aim to be lending £30m a month before the year is out.

“Becoming a publicly listed company in the future remains our ultimate objective, but for now, we look forward to welcoming new team members who will all play key roles in helping us achieve sustained growth.”