Peer-to-peer (P2P) site Landbay announced last week that it was no longer in beta and now is available for the wider public. The young company is a finance option for the UK’s savers and investors who have struggled to secure low risk returns on rates above inflation, whether this would be from cash accounts, savings accounts, bonds or other traditional financial productions. Landbay offers competitive rates and a faster, more rational application process than traditional banks and building societies Landbay has raised capital several times on equity crowdfunding platform Seedrs. The most recent round was easily overfunded and at last count stood at £114,403 representing 7.76% equity in the company.
Landbay offers buy-to-let loans of between £50,000 and £500,000 for properties in England and Wales. The company claims it processes all applications within 48 hours and has rates available from 4.8 %. The application fee for standard buy-to-let loans of £750 and £999 for HMOs, along with a 2 percent product fee for individual and 2.25 percent for corporate borrowers. The site claims that investors may earn between 3.5 to 10% returns.
Speaking about the successful launch, Co-founder and CEO of Landbay JohnGoodall was recently quoted stating, “Landbay is an important new innovation that will open the door to a much broader cross section of the public to the attractive returns available from investment in Britain’s residential buy-to-let market, a sector that was worth 21 billion in new landing last year along.”
He then added, “The peer-to-peer finance sector is blooming in the UK, having just passed the 1 billion mark. It is great to see Britain genuinely leading the world in unlocking the huge benefits for the consumer of this breath of fresh air in finance.”
Mr. Goodall started his career with a major recruitment consultancy and subsequently co-founded and managed an international financial services executive search business. After selling his share of the business, John taught economics in the UK until he completed his MBA and returned to the corporate world to work within one of Europe’s largest equity brokerages.
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