Specialist buy-to-let (BTL) lender Landbay today announced it has received a further £1bn to bolster its mortgage lending.
The funding, from an institutional investor that wishes to remain anonymous, will support Landbay’s intention to significantly grow its BTL loan book as the lender looks to increase its market share, while also reaching out to more professional landlords via the intermediary market across the UK.
The announcement comes at a time of rapid growth for Landbay, which has seen lending volumes rise by 200 per cent in the last year, while also doubling its headcount and taking on additional office space in central London.
Commenting, Landbay CEO John Goodall said: “Given the current political and economic situation, this funding is a huge vote of confidence in both the UK’s Private Rental Sector and Landbay itself.
“Demand for high quality rental properties is high and unlikely to slow down any time soon. The reality is that many tenants are keen to distance themselves from the hassle and cost of homeownership. In fact, we know that renting is increasingly seen as a lifestyle choice rather than the default option.
“Landlords are vital for the UK’s economy, and this sizeable injection of capital will allow us to support even more of them and their brokers.”
The firm, founded in 2014, focusses on the professional segment of the BTL market which has experienced significant growth as the regulatory landscape evolves. The funding announcement follows the increase of Landbay’s loan ceiling to £2m and its maximum loan term from 25 to 30 years.
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