Landbay, a buy-to-let, fin/proptech platform that finances landlords so they can buy properties to rent out, has announced that it was granted a €1.1 billion loan from a currently unknown financial institution to finance mortgages through its platform.
Founded in 2014, Landbay has seen lending volumes rise by 200% over the last 12 months, while lending default rates remain at 0%. Over the same period it has doubled its staff at its central London office, and the financing will support Landbay’s plans to significantly grow its buy-to-let lending over the next two years.
Landbay focuses on the professional segment of the buy-to-let market, which is growing significantly as the regulatory landscape evolves. The funding announcement follows the increase of Landbay’s loan ceiling to £2 million, and its maximum loan term from 25 to 30 years.
“Technology has been perhaps the greatest disrupter of the financial services sector in the last decade,” said Julian Cork, COO of Landbay. “Fintechs, including peer-to-peer lenders, have been able to take advantage of the most up-to-date technology when building their infrastructure, allowing them to do three key things to stay on top – move at speed, expand efficiently and stay focused. Importantly, we’ve done this whilst maintaining a 0% default rate so credit quality is not being compromised with scale.
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