Landbay has launched a new five-year funding partnership worth £200m of originations per annum.

The mortgage lender has partnered with Allica Bank to fund its buy-to-let (BTL) mortgages until 2026.

Allica, the challenger bank for SMEs, was awarded its banking licence in September 2019 and has grown rapidly since, having recently announced it had lent over £70m to SMEs in its first year of lending, with £120m of committed lending offers in the process of completion.

Landbay’s new deal with Allica comes in addition to a number of funding deals secured over the past 12 months. Last November, the lender secured a £1bn funding deal from an asset manager and prior to that it had secured a £200m bank funding deal in July.

“This partnership with Allica reinforces the growing reputation that Landbay has for originating high quality BTL mortgages for our institutional partners via our platform,” said Landbay CEO, John Goodall.

“It will also ensure that we can continue to provide some of the most competitively priced, BTL mortgages in the market. We are really pleased to be working with Allica who have similar values to Landbay and also have a real customer focus.”

Allica CEO, Richard Davies, added: “We are delighted to partner with Landbay, extending our strong commercial lending expertise into the residential sector, enabling us to support even more people who are seeking access to finance. The Landbay team share our ambition to support and encourage customers through the combination and optimisation of great customer service and modern technology.

“This partnership is an important step forward in accelerating Allica’s impressive growth potential, leveraging our unique skills and expertise in lending underpinned by the robust and solid foundations we have built.”

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