LANDBAY has announced that it is exiting the retail peer-to-peer lending market.
The buy-to-let lender said it will now purely focus on securing institutional funding for buy-to-let mortgages and retail investors have had their loans purchased and money returned including all interest accrued to date.
The platform, which launched in 2015 and was one of the first P2P lenders to launch an Innovative Finance ISA, said institutional funding now accounts for the overwhelming majority of mortgages it has originated in the past 12 months.
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“Landbay’s future is incredibly exciting as we see opportunities to grow with increased interest from our existing and new institutional investors,” John Goodall, chief executive and founder of Landbay, said.
“Today’s announcement means that as a business we can devote even more time to lending – supporting the UK’s vibrant and vital private rental sector.
“Having said that, this is not a decision we have taken lightly. The retail business has been instrumental in our journey as a company, and we are grateful to investors for putting their trust in us.
“This decision comes from a position of growth and success, and we will continue to invest in our people, technology, and brand to build a successful business of scale.
“Our aim remains to be the go-to funding partner in the UK buy-to-let market, for institutional investors, intermediaries, and landlords.”