Buy-to-let mortgage lender, Landbay, has achieved significant growth since the start of 2019, including a 200% rise in lending volumes.
This has been supported by Landbay’s £1 billion institutional funding agreement in summer, which has been instrumental in supporting the firm’s rapid growth. Overall, institutional funding accounted for 95% of new mortgages originated in the past 12 months.
This background contributed to the decision, communicated earlier this month, to close Landbay’s retail investment arm in favour of becoming an institutional-only platform. All retail investors saw their capital repaid in full within 24 hours of the decision being communicated, including all interest accrued to that date.
The change allows Landbay to continue to build on its success supporting the UK’s private rental sector (PRS.) In fact, the firm expects to significantly grow its lending operation across 2020, working with its vast range of networks and clubs to support brokers and landlords across the UK.
Since the start of 2019, Landbay has seen a 67% rise in staff numbers – prompting the firm to expand its central London headquarters. The bulk of this increase sits in the underwriting and technology teams, contributing to a smoother and faster process for its broker and landlord clients.
Landbay’s success has not gone unnoticed by the sector; the firm has taken home 9 industry awards in the past 12 months, including placing 28th on Deloitte’s Fast50 list, identifying the fast-growing technology companies in the UK. It was named buy-to-let lender of the year by 4 awards bodies.
John Goodall, founder and CEO of Landbay comments: “Against a background of political and economic uncertainty, Landbay’s growth in 2019 is even more gratifying.
“It’s clear brokers value our service record alongside the experience of our team and our suite of buy-to-let products. We’re also delighted that we’ve been recognised in so many different award categories over the last 12 months.
“As a business we’re focused on continuing to evolve and develop our proposition. We’ve added significant numbers to our headcount which has helped to grow the business and we expect to keep on hiring well into 2020.
“Landbay is laser focused on 2020 as we exclusively partner with institutional investors to support the UK’s vital PRS.”