Landbay has announced the launch of a new funding partnership with a UK bank.
The buy-to-let (BTL) lender revealed the deposit-taking bank will fund mortgages originated by Landbay, and hold them on its balance sheet.
Landbay suggested the partnership complements its current institutional funding arrangements and will also allow the lender to broaden its product range – which is available to BTL investors via mortgage intermediaries.
Landbay CEO, John Goodall, said: “This new funding partnership and our contribution to the successful Canada Square securitisation earlier this month, together with the measures that we have put in place over the past three months, means that Landbay is one of the few lenders emerging from the pandemic stronger than we went in. We have continued to lend throughout the year, including throughout the lockdown.
“We are continuing to strengthen our already robust lending model and innovative platform from which we lend.”
To coincide with its new funding, Landbay has also launched a range of new two and five-year fixed rate products.
Commenting, Dynamo founder and chief executive, Ying Tan, added: “Landbay is rapidly becoming one of the leading specialist BTL lenders in the market. This new funding line and successful recent securitisation shows the faith that the financial markets have in Landbay and its origination model. It is a very positive sign for the future of BTL.”
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