Buy to Let Club, Landbay speed lending for new London building
A collaboration between broker Buy to Let Club and peer-to-peer lender Landbay has resulted in the completion of lending within two months for a new building in the London suburb of Southgate. Buy to Let Club MD Ying Tan was quoted as being "delighted by the speed and efficiency shown by Landbay in this case". Mortgage Introducer reported that the loan, which represented 76.31% of the value of the building, was made to a company set up especially for the deal. 

Earlier this week, Landbay and Buy to Let Club completed lending to a new building in Southgate, a suburban area of north London, in under two months. The initial case was reportedly submitted on the broker portal by Buy to Let Club on August 24th.

According to Mortgage Introducer, the lending was to an SPV, who owns seven other properties, with 75% LTV plus product fee added to the loan so that 76.31% of gross loan was the final deal. It also included an ICR of 125.55% at pirate on the gross loan amount.

Speaking about the deal and Landbay collaboration, Ying Tan, managing director at Buy to Let Club, stated:

“Providing an exceptional service is at the heart of everything we do at Buy to Let Club. We work hard to develop relationships with lenders who appreciate and share these values and are delighted by the speed and efficiency shown by Landbay in this and other cases we have placed with them. Their ability to make things happen quickly makes all the difference when time is of the essence and is certainly a stand-out factor for us when deciding which lender to use.”

Paul Brett, Managing Director of Intermediaries at Landbay, added:

“Whilst this case is exemplary, a quick turnaround is not uncommon for Landbay. We’ve worked to leverage our cutting-edge technologies to deliver streamlined solutions to these more complex cases.”

Back in September, Landbay reported it saw a total of £6.31 million lent across 31 mortgages. The news of that month’s success came after the online lender raised over £2.4 million through its latest equity crowdfunding campaign on Seedrs. The lender was granted ISA Manager Status by HMRC and launched its propers-backed ISA earlier this summer.