Landbay agrees funding deal with asset manager
Landbay has agreed a funding deal with an asset manager.
As part of the deal, the asset manager intends to fund in excess of £300m per year of Landbay originated mortgages.
The funding deal, including due diligence, was conducted remotely with the performance of Landbay originated assets over the course of the crisis examined.
According to Landbay, it now has funding for its buy-to-let mortgages from three different streams, an investment bank sponsored securitisation programme, deposit taking banks and an asset manager.
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.”