UK-based peer-to-peer lender Landbay has launched another equity crowdfunding campaign on Seedrs and quickly secured more than £1.2 million in funding. This news comes less than a month after the online lending platform announced it hit its £100 million in lending milestone.
Landbay, which was founded in 2013, describes itself as a fast-growing UK peer-to-peer lending platform that enables retail investors, institutions, and local governments to invest in UK’s private rented sector through the funding of residential buy-to-let mortgages.
“Landbay is a Specialist Mortgage Marketplace lender. We direct-match retail and institutional investors’ money into BTL mortgages using p2p technology. For borrowers, we aim to provide the fastest turnaround of any Buy-to-Let lender at pricing that can compete head-on with banks. For retail investors, we provide the opportunity to invest in an ISA secured by an asset that people understand. For Institutional Investors we provide access to a flow of whole-loan BTL Mortgages that can be securitised or held to term. Since July 2017 we have been funding a material percentage of our mortgages via our institutional programme.”
Landbay also reported that more than 25% of mortgages on its platform have been originated in the last three months. The lender has had no defaults and no losses to date. It also believes it now has the mortgage funding, technology and capacity to grow significantly.
Landbay is fully authorized and regulated by the FCA, but peer-to-peer lending platforms are not covered by the FSCS. Since its founding, Landbay has launched six other Seedrs campaigns, with the previous initiative attracting more than £1.6 million, which includes an investment from professional tennis player, Andy Murray.
Funds from the latest funding round will be used to continue Landbay’s expansion.
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