Landbay has closed a new funding deal with an asset manager which is aiming to fund in excess of £300m per year of Landbay originated mortgages.
The deal is in addition to the bank funding deal that Landbay announced in July and the £1bn funding deal it announced in mid-2019.
The buy-to-let (BTL) lending platform highlighted it has now has funding for its BTL mortgages from three different streams, including an investment bank sponsored securitisation programme, from deposit taking banks, as well as the new asset manager.
Landbay said the entire funding deal, including due diligence, was conducted remotely with the performance of Landbay originated assets over the course of the coronavirus crisis examined in detail.
“The addition of an asset manager as one of our funding partners is a major step to further diversify the funding of our mortgage platform and makes us probably the most diversely funded BTL lender in the UK,” said Landbay CEO, John Goodall.
“This reinforces our ability to provide mortgages to a broad range of BTL investors and their advisers. This is particularly important as we are only four months away from the end of the stamp duty holiday and demand for our BTL mortgages is higher than we have ever seen it.
“Despite COVID-19 related restrictions getting tighter, we have had almost no disruption to working practices all year and we consistently stay within our service levels. This is due to the significant investment in technology that we have made over the last few years.”
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