P2P lender Landbay passes £250m of lending following strong 2018

By Daniel Lanyon on Monday 4 February 2019

Editor's PickAlternative Lending

The property-focused lending platform has ramped up volumes by nearly 150 per cent in a year.

Landbay, the specialist property lending P2P platform, has passed through £250m of lending.

Launched in 2014, Landbay hit £100m of loans in March last year demonstrating a very sharp uptick over the past 10 months or so.

The firm has also hit more than 1,000 mortgages to date and seen a record month for lending in January.

John Goodall, CEO of Landbay says investors in loan assets have not seen any defaults or losses and attributes its rapid growth in the past year to three things.

“We have increase in institutional  capital flows, grown our sales teams quite materially and finally the market is increasingly seeing a move to specialty lenders from banks,” he said.

The firm also partnered with Legal and General Mortgage Club as the newest member of its lender panel in May last year which, Goodall says was important to boost volumes.

The specialist buy-to-let mortgage lender raised £1.6m of funding last year with more than 270 investors participating in a Seedrs raise, making Landbay’s pre-money valuation £28.9m. A huge increase from its 2013 pre-money valuation of £616k when it first debuted on Seedrs.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.