Buy-to-let mortgage lending platform Landbay has secured £300mn from a new backer.
In Brief:
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The FinTech Alliance company says its “mystery backer” will fund over £300mn of buy to let mortgages per year.
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This marks Landbay’s third institutional investor to come on board as a funding source.
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It secured a £1bn line of funding last year.
What does this mean?
Recently Landbay has changed its business model, exiting the peer-to-peer retail lending space and focusing solely on the buy-to-let mortgages sector which it has seen success in. With the Stamp Duty holiday imposed by the Government, the FinTech says demand for BTL mortgages is higher than ever.
