PEER-TO-PEER property lender Landbay is continuing its growth plans with a series of new hires that will see the business’s headcount increase by 70 per cent this year.
Landbay announced on Tuesday that it had a record first quarter in which it funded 130 buy-to-let mortgages and lent a total of £26.8m, with 50 per cent of these deals completed in March.
The P2P lender also recently surpassed £100m of mortgages funded to date with zero arrears.
The firm said it is now close to profitability and expects to break even in the third quarter of this year.
“The past four years have been a journey of expansion and development, but the last six months have been a real eye opener to what we can achieve as a company,” said John Goodall (pictured), chief executive and founder of Landbay.
“After reaching the £100m lending milestone in March we have continued to gain momentum and aim to be lending £30m a month before the year is out.”
To support its continued expansion, Landbay has revealed plans to grow its team over the coming months.
It has already made four new hires across its technology, marketing, and sales teams and is moving to a new office to cater for the expanding team.
“Becoming a publicly-listed company in the future remains our ultimate objective, but for now, we look forward to welcoming new team members who will all play key roles in helping us achieve sustained growth,” said Goodall.
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