UK-based peer-to-peer lender Landbay announced on Thursday it is set to close its latest equity crowdfunding round on Seedrs next Tuesday (April 17th). The campaign quickly secured its initial £1.25 million and has successfully raised more than £1.4 million thanks to over 250 investors.
As previously reported, Landbay was launched in 2013 and describes itself as a fast-growing UK peer-to-peer lending portal 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 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 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 is fully authorized and regulated by the FCA, but peer-to-peer lending platforms are not covered by the FSCS. The lender has launched six other equity crowdfunding campaigns through Seedrs, with the previous initiative attracting more than £1.6 million. All funds from the latest funding round will be used for expansion.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!