Digital mortgage lender Landbay has totalled £6.31 million lent across 31 mortgage products, leading to a record month of buy-to-let (BTL) lending for the firm in September.
Due to overwhelming movement through the Innovative Finance ISA and a large amount of institutional investment on peer-to-peer lending, combined with a broadened range of intermediary partners on the borrower’s side, lending levels in September were higher than the two previous months combined.
Landbay has made five new appointments to accommodate this rapid growth. Two of them, James Cooper-Smith and Joela Jenvey, joined the lending team as senior lending officer and key account manager respectively, while Wing Chan joins the wider team as operating manager.
“Over the past four years we have invested a lot of time and money into building a platform that we can be proud of,” John Goodall, CEO and founder of Landbay, said.
“One that provides a competitive source of funding for professional landlords, a credible opportunity for investors, and is able to scale quickly to meet growing demand for specialist buy-to-let lending.”
A number of mainstream lenders have reconsidered their commitment to the buy-to-let market in recent months following the PRA’s new underwriting rules for portfolio landlords, but Landbay says it remains unaffected.
The firm says the momentum of lending in September is expected to continue into Q4 and beyond as portfolio landlords – and their brokers – look to specialist lenders to support them through the more restrictive lending environment.
Goodall continued: “Like any fast-rising new entrant, we’ve experienced some growing pains along the way, but our track record speaks for itself and we now have all the building blocks in place to support continued expansion of the company.”