UK-based peer-to-peer lender Landbay is set to close its latest equity crowdfunding campaign on Seedrs later this evening with more than £1.6 million from nearly 285 investors. The funding round was launched last month and quickly secured its initial £1.25 million funding target. This is the seventh equity crowdfunding campaign that the online lending platform has launched through Seedrs, with the previous initiative attracting more than £1.6 million.
As previously reported, Landbay is fully authorized and regulated by the FCA, but peer-to-peer lending platforms are not covered by the FSCS. The lending platform made its debut 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. In five years, Landbay has lent over £100 million to date with no defaults and no losses.
“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.”
All funds from the latest funding round will be used for lender’s growth, which are:
- Technology – 50%.
- Marketing & Brand Development – 25%.
- General Operating Expenses – 25%.
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