Landbay, the buy-to-let lender, has partnered with a challenger bank, Allica Bank, to fund BTL mortgages for the next five years. Allica Bank, for established SMEs, was granted a UK banking license in September 2019 and has experienced rapid growth since.
Under the new deal with Landbay, Allica Bank will provide £200m per annum for residential BTL mortgages. This comes after Landbay secured a number of funding deals including £300m from an unnamed asset manager at the close of last year.
Earlier this month, Landbay were listed at number 12 in the FT 1000, the annual list of Europe’s fastest growing companies. This ranking recognises companies that have achieved the highest compound annual growth in revenue from 2016 to 2019.
John Goodall, CEO at Landbay, said, “This partnership with Allica Bank reinforces the growing reputation that Landbay has for originating high quality buy-to-let mortgages for our institutional partners via our platform.
“It will also ensure that we can continue to provide some of the most competitively priced, buy-to-let mortgages in the market. We are really pleased to be working with Allica who have similar values to Landbay and also have a real customer focus.”
Richard Davies, CEO at Allica Bank, said, “We are delighted to partner with Landbay, extending our strong commercial lending expertise into the residential sector, enabling us to support even more people who are seeking access to finance.
“The Landbay team share our ambition to support and encourage customers through the combination and optimisation of great customer service and modern technology.
“This partnership is an important step forward in accelerating Allica’s impressive growth potential, leveraging our unique skills and expertise in lending underpinned by the robust and solid foundations we have built.“
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Landbay also recently announced the addition of a new 5-year fixed rate buy-to-let mortgage offered at 2.99%.