Landbay reaches £200m lending landmark

LANDBAY has hailed its quality service and strong broker relationships as it reached the £200m lending milestone this week.

The peer-to-peer property platform, which purely focuses on buy-to-let mortgages (BTL), said it had reached the landmark with a track record of zero defaults.

“I’m very proud of the team’s hard work over the past eight months, which has enabled us to surpass £200m in lending,” said John Goodall (pictured), chief executive of Landbay.

“It is testament to the strong relationships we have with brokers in the buy-to-let market, and the quality service we provide. We look forward to the next milestone in the near future.”

It comes after the lender announced the latest in a series of partnerships that has seen it join the lending panels of four broker networks.

Its tie-up with TMA Club gives brokers and their landlord clients access to the P2P platform’s specialist BTL products.

The partnership with TMA followed recent link-ups with Julian Harris Adviser Network, PMS and Sesame.

Landbay has also seen its lending volumes triple in recent months thanks to the fall-out from the BTL tax changes.

Read more: Landbay adopts new software to speed up investor sign-ups and mortgage approvals

Goodall said although the BTL mortgage sector is still growing, high street banks are losing market share to specialist lenders like Landbay following the tax changes introduced in April 2017.

“The tax changes affect people who hold BTL property in their own name, so it has resulted in a shift towards borrowers who are portfolio landlords and who hold properties in limited companies,” he said.

“High street banks are not typically suited to lend to that sort of borrower.”

Read more: Landbay revenue soars as number of lenders rises