Zephyr was launched last month on behalf of external funders with Computershare providing all marketing, underwriting and administration.
Mortgages for Business brokered the first buy-to-let mortgage to complete with Zephyr during its pilot launch.
The case was made for an experienced landlord who does not own her own home and needed finance to purchase a two-bed terraced house in Slough.
A formal offer to lend a total of £267,750 at 75% LTV was issued in 14 working days.
Mortgages for Business managing director Steve Olejnik, said: “We were delighted to have been asked to run the exclusive pilot which was designed to test Zephyr’s systems and procedures before launching with a wider panel of intermediaries.
“I’m pleased to report that we were particularly impressed with both the underwriters and the speed with which the first case was processed.
“We’ve got several more deals in the Zephyr pipeline and they appear to be going well too,” he added.
Meanwhile, the lender has continued its roll out with packager and distributor Complete FS.
Complete FS director Tony Salentino said the firm was impressed with the product offering. He said terms up to age 95 at the end of the mortgage and lending on flats above commercial and ex-local authority properties made the proposition very attractive.
Zephyr Homeloans head of sales Peter Charge said: “It’s great news that we’ve completed our first Zephyr mortgage with Mortgages for Business.
“The company is a strong launch partner for the Zephyr brand, and we look forward to continuing to work closely with them in the future.”
He added: “We are delighted to work with Tony and the Complete FS team. We are impressed by their proven track record in the specialist buy to let market and we look forward to working with them.”