Landbay has chosen Oracle NetSuite to create a more accessible buy-to-let mortgage marketplace for investors, borrowers and brokers.
Through NetSuite, Landbay will be able to process loan applications ten times faster than other lenders and enable its staff to make swifter decisions around mortgage applications and investor sign ups.
Founded in 2014, Landbay offers individual investors direct access to the lucrative mortgage lending market and offers landlords competitively priced buy-to-let mortgages, with plans to lend £1 billion to UK landlords by 2020.
“Landbay is rapidly scaling and to support this growth we needed a technology platform that would enable us to make decisions quickly, while continuing to offer competitive products for our borrowers and lenders,” said Julian Cork, chief operating officer of Landbay.
“NetSuite supports that goal by giving us the insights we need and also frees up our team to build out the best mortgage products for landlords and investors.”
With this alliance, Landbay will be able to approve any loan application in just 48 hours, compared to the industry average of three weeks.
NetSuite will also help enable Landbay’s employees to shift focus from administrative tasks and focus more time on developing lending products.
Nicki Tozer, EMEA vice president of Oracle NetSuite, commented: “Landbay’s impressive growth stems from having a product that offers accessible, competitive returns for investors and competitive rates for borrowers.”