LANDBAY has reported a record month of lending in September, channelling £6.31m across 31 buy-to-let mortgages.
The peer-to-peer finance platform said on Monday that last month’s lending levels were higher than the two previous months combined, due to increased investment inflows and a wider range of intermediary partners on the borrower side.
The influx of funds was due to the Innovative Finance ISA and larger institutional investment, the firm said.
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“Over the past four years we have invested a lot of time and money into building a platform that we can be proud of,” said John Goodall, chief executive and founder of Landbay.
“One that provides a competitive source of funding for professional landlords, a credible opportunity for investors, and is able to scale quickly to meet growing demand for specialist buy to let lending.
“Like any fast rising new entrant, we’ve experienced some growing pains along the way, but our track record speaks for itself and we now have all the building blocks in place to support continued expansion of the company.”
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Landbay said it has made five new hires to accommodate the growth in the business. James Cooper-Smith and Joela Jenvey both join the lending team as senior lending officer and key account manager respectively, while Wing Chan joins the wider team as operating manager.
New Prudential Regulation Authority rules for portfolio landlords have caused a number of mainstream lenders to reconsider their commitment to the buy-to-let market in recent months, but the more restrictive lending environment will benefit specialist lenders like Landbay, the firm said.