Landbay has revealed that it has lent a total of £100 million to buy-to-let landlords since it launched in 2014.
Portfolio landlords, and their brokers, have increasingly looked to specialist mortgage lenders to support them through the changes, which include the recent Prudential Regulation Authority (PRA) reforms, and the gradual removal of mortgage tax relief.
Landbay reported a lending total of £59.56 million in September 2017. The momentum gained over the past six months has allowed the company to near double its lending total in that period alone to £100 million, with zero defaults or arrears to date.
John Goodall, CEO and founder of Landbay, said: “We spent four years building a strong foundation for the business in an innovative and exciting financial space, but the last six months has been a real step change. Our commitment to high standards and speed for brokers has created a loyal following for Landbay and reaching £100 million is just the beginning.
“Lenders have been falling over themselves to help landlords and their brokers navigate an increasingly complex buy-to-let market, but it is the specialist lenders that have taken it in their stride. If doubling our total lending volumes in the past six months isn’t proof enough that the specialist lending model is well suited to the current climate, then the fact that traditional lenders have been propped up by the Bank of England’s Term Funding Scheme should be.
“As the scheme comes to an end and mainstream lenders can no longer rely on this source of cheap capital our proposition will become yet more competitive. I look forward to running with the opportunity this brings.”