Landbay and Buy to Let Club completed lending to a new build purchase in Southgate in six weeks, despite there being a three week delay in documents being available from the client.
The lending was to an SPV who owned seven other properties, and 75% LTV plus product fee was added to the loan so 76.31% on gross loan was the final deal, with an ICR of 125.55% at payrate on gross loan amount.
The initial case was submitted on the broker portal by Buy to Let Club on the 24 August, and the following day Landbay reviewed the case.
By the 20 September, the valuation had been instructed, the DIP issued, valuations carried out, and case offered; completion was on the 6 October.
Ying Tan, managing director at Buy to Let Club, said: “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.”
The speed in which this case was processed was in part down to Landbay’s tech-enabled underwriting platform.
Paul Brett, managing director – 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.”