Landbay, the buy-to-let lender, has agreed a new funding deal with an undisclosed asset manager.
The lender now has three different streams of funding for its BTL mortgages. These are an investment bank-sponsored securitisation programme, deposit-taking banks and the asset manager.
The asset manager aims to fund over £300m per year of Landbay originated mortgages.
The entire funding deal, including due diligence, was conducted remotely and the performance of Landbay originated assets over the course of the pandemic crisis was thoroughly examined.
John Goodall, Chief Executive at Landbay, said: “The addition of an asset manager as one of our funding partners is a major step to further diversify the funding of our mortgage platform and makes us probably the most diversely funded buy-to-let lender in the UK.
“This reinforces our ability to provide mortgages to a broad range of buy-to-let investors and their advisers. This is particularly important as we are only four months away from the end of the stamp duty holiday and demand for our buy-to-let mortgages is higher than we have ever seen it.
“Despite COVID-19 related restrictions getting tighter, we have had almost no disruption to working practices all year and we consistently stay within our service levels.
“This is due to the significant investment in technology that we have made over the last few years.”
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This news comes after Landbay announced the addition of two new BTL products in response to sharply rising demand, following the lender’s recent product refresh.