Specialist lender Landbay reported its strongest quarter to date and revealed plans to increase headcount by 70% by summer 2018.
Landbay recently surpassed £100m of mortgages funded to date with zero arrears. In Q1 of 2018 alone, the company funded 130 mortgages, lending a total of £26.8m in the three months to April, with 50% of these cases completed in March.
This record quarter, and a strong start to Q2 with a record £10.89m lent in April, takes Landbay’s total lending volume up to an impressive £120m. The company is now close to profitability and expects to breakeven in Q3 of this year.
Last month the firm closed its sixth funding round, with £1.75m raised from 239 unique investors.
John Goodall, founder and chief executive of Landbay said: “The past four years have been a journey of expansion and development, but the last six months have been a real eye opener to what we can achieve as a company.
“After reaching the £100m lending milestone in March we have continued to gain momentum, and aim to be lending £30m a month before the year is out.
“Becoming a publicly listed company in the future remains our ultimate objective, but for now, we look forward to welcoming new team members who will all play key roles in helping us achieve sustained growth.”