New P2P Lender Up and Running

By AltFi News on 10th July 2014

P2P/Marketplace Lending

Newly launched P2P lender Landbay has now completed its first deal via the platform.

New P2P Lender Up and Running

Mortgages for Business has brokered the first buy to let remortgage for Landbay. The initial loan of £175,000 at 74% LTV was made to a successful property developer-turned-landlord who was looking to refinance in order to avoid a high reversion rate of 6.58% with his existing lender. The property in question is a 2-bed terraced house on the South Coast. Participants in the loan will reap an interest rate of 5.12% fixed per annum for three years.

John Goodall, CEO at Landbay, commented:

“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.”

You can view a basic breakdown of the deal below:

Property value: £235k

Loan amount: £175k

LTV: 74%

Rate: 5.12% fixed for 3 years reverting to 4.26% + LIBOR

Term: 5 years interest only

Monthly repayments: £763.32

Lender arrangement fee: 2.25% added to loan

Valuation & legal fees: £750

Comments

AltFi London Summit 2019

The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.

18th March 2019


Companies in this Article:

Landbay

More like this:

Ratesetter tops £3bn loans milestone

15th January 2019
Roger Baird

Natwest rolls out Esme loans to SME customers

17th January 2019
Daniel Lanyon

Fintech lender Creditshelf hires IT boss

15th January 2019
Roger Baird