Landbay, a leading buy-to-let lending platform, has closed an additional funding deal with a leading asset manager. The asset manager aims to fund in excess of £300 million per year of Landbay originated mortgages. This new deal is in addition to the bank funding deal that Landbay announced in July and the £1bn funding deal it announced in mid-2019.
Landbay now has funding for its buy-to-let mortgages from three different streams: An investment bank sponsored securitisation programme, from deposit taking banks and now an asset manager.
The entire funding deal, including due diligence, was conducted remotely with the performance of Landbay originated assets over the course of the crisis examined in detail and shown to be of the highest quality.
John Goodall, CEO at Landbay, said, “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 buy-to-let lender in the UK. This reinforces our ability to provide mortgages to a broad range of buy-to-let 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 buy-to-let 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, which was recognised at the start of this year when we were appointed as a Tech Nation Future 50 company.”