Landbay has launched a new application process to speed up decisions on buy-to-let loans.
The new application process – a Decision in Principle (DiP) – has been designed by brokers, for brokers, Landbay said. A DiP now only takes two minutes and uses technology in line with the whole application process which is completely paperless.
Read more: Landbay reveals data-driven growth strategy
Landbay, which was a peer-to-peer lender until it exited the retail investment market last December, also announced that it has refreshed its product range. It did not give any details of the changes to its products but said it will continue to lend up to 75 per cent loan-to-value (LTV) and up to £1m to individuals and limited companies.
Landbay lends across the whole range of mainstream and specialist cases including HMOs, SPV, MUFBs and other complex buy-to-let.
“We have spent many months designing and building our DiP and application process to be what we believe to be the best and most streamlined in the buy-to-let market,” said Paul Brett (pictured), managing director of intermediaries at Landbay.
“Brokers are the lifeblood of our business and so they were instrumental in the design of this, in order that we could deliver what they want in the way that they most need it.
“Our product range revamp is necessary to cope with ongoing market conditions and ensure that Landbay continues to be strong and steady in these challenging times.
“We believe in a hands-on approach to achieve the most appropriate outcome both for the broker and their client.
“Our aim is always to be the first port of call for specialist buy-to-let cases.”
Read more: Landbay refreshes buy-to-let product range