Landbay completes first peer-to-peer BTL
A 3-year loan of £175,000 at 74% LTV for a two bed terraced house on the South Coast was taken out.
The client, a property developer and landlord, built the house in 2011.
The landlord wanted to refinance to avoid a high reversion rate of 6.58% with his existing lender.
Steve Olejnik, sales director at Mortgages for Business said: “The property was owned by the client’s SPV limited company and as such finance options in the wider buy-to-let market were restricted.
“Landbay provided an ideal solution and the entire transaction was processed quickly and professionally.
“The team at Landbay were great to work with and I look forward to completing more deals with them. We already have several more cases in the pipeline.”
Landbay, which launched at the end of April, is the only peer-to-peer or crowdfunding platform exclusively for buy-to-let mortgages on UK residential property, while lenders can enjoy the security of a first charge on the property.
John Goodall, chief executive at Landbay, said: “It’s fantastic to get the first transaction under our belts and confirms that all processes are working well.
“It’s good to be working with a specialist like Mortgages for Business who have really helped to guide us through the initial administration including working with valuers and lawyers.
“The pipeline is growing nicely and we look forward completing more details very soon.”