LANDBAY has struck two new partnerships with mortgage intermediaries, stepping up its game in the market that is now top priority on its business agenda.
The buy-to-let specialist lending platform has teamed up with mortgage packager and distributor 3mc and master broker Vantage Finance to boost its intermediary network and reach a wider range of borrowers, it told Peer2Peer Finance News.
“Most of Landbay’s brain power has been invested in making sure it has a very robust business and technology in place,” said Paul Brett, who joined the firm in February to head up its intermediaries team.
“Now the new phase is all about making sure that investors money is put to good use, which means that we are focusing on getting our brand and products to the intermediary market.”
Brett said that the commercial broker market is still considerably underexposed to the P2P sector, and requires a strong educational and trust-building effort, but represents a key factor to scale up the lending business.
“We are delighted to be working now with industry-leading broker distributors like 3mc and Vantage,” Brett said.
“An increasing proportion of BTL loans are falling into the specialist sector. This why it is so important for us to back specialist distributors who have the knowledge, expertise and due diligence processes to help their broker partners and lenders like Landbay to serve the specialist market.”
Tax changes in the BTL sector that make it more expensive for potential borrowers may facilitate new ventures between broker distributors and alternative lenders, agreed Doug Hall, director at 3mc.
“The BTL world is becoming far more specialist due to the new rule changes, and it’s important we open to the specialist lender market accordingly,” Hall said.
Landbay represents the firm’s first P2P partner and looks set to remain the best fit for its business in the future, he added, thanks to the longer-term duration of its loans compared to other P2P players.
Recent tweaks to the platform’s borrower criteria, which also expanded the range of eligible expat landlords, also made it an ideal match for 3mc.
“We definitely need more lenders providing solutions for expat landlords,” Hall said.
Vantage Finance said the new partnership with the P2P platform will help it diversify its offering range.
“We look forward to being able to provide our clients with another funding solution to cover all needs in the ever changing financial market,” said Jonathan Daniels, sales director at the firm.
“We are constantly looking to improve our panel and our proposition and partnering with Landbay shows our continued efforts to offer the intermediary market the rigorous approach to quality and service delivery.”