P2P lender market entrant Landbay has completed its first Buy-to-Let (BTL) loan deal, it emerged yesterday.
Mortgages for Business successfully brokered a loan of £175k at 74% LTV, which was offered to a property developer-cum-landlord who was looking to refinance in order to avoid a high reversion rate of 6.58% with his existing lender.
The deal at 5.12% fixed for three years, was completed in just under eight weeks. It was made available for a 2-bed terraced house on the South Coast that had been built by the developer in 2011.
Commenting on the transaction, Steve Olejnik, sales director at Mortgages for Business said: “The property was owned by the client’s SPV limited company and as such finance options in the wider Buy-to-Let market were restricted. Landbay provided an ideal solution and the entire transaction was processed quickly and professionally. The team at Landbay were great to work with and I look forward to completing more deals with them. We already have several more cases in the pipeline.”
John Goodall, CEO at Landbay added: “It’s fantastic to get the first transaction under our belts and confirms that all processes are working well. It’s good to be working with a specialist like Mortgages for Business who have really helped to guide us through the initial administration including working with valuers and lawyers. The pipeline is growing nicely and we look forward completing more details very soon.”
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