Landbay launches five-year funding partnership with Allica Bank
By Megha Bhattacharya
UK-based mortgage lending platform Landbay has launched a five-year funding partnership, worth £200m of originations per annum, with Allica Bank. Allica Bank, a challenger bank for established small and medium-sized enterprises (SMEs), will fund a range of residential buy-to-let mortgages originated by Landbay.
John Goodall, CEO at Landbay, said, “This partnership with Allica Bank reinforces the growing reputation that Landbay has for originating high quality buy-to-let mortgages for our institutional partners via our platform. It will also ensure that we can continue to provide some of the most competitively priced, buy-to-let mortgages in the market. We are really pleased to be working with Allica who have similar values to Landbay and also have a real customer focus.”
Recently, Allica Bank announced the launch of a £100 million funding round in a bid to help it meet the current high levels of demand for finance it is experiencing from British businesses, and continue broadening services and product lines. The new funding is expected to enable the Bank to speed up its lending to the British businesses and strengthen its position in the non-bank lending market.
Richard Davies, CEO at Allica Bank, said, “We are delighted to partner with Landbay, extending our strong commercial lending expertise into the residential sector, enabling us to support even more people who are seeking access to finance. The Landbay team share our ambition to support and encourage customers through the combination and optimisation of great customer service and modern technology. This partnership is an important step forward in accelerating Allica’s impressive growth potential, leveraging our unique skills and expertise in lending underpinned by the robust and solid foundations we have built.”
Landbay, last year, announced a partnership with Primis Mortgage Network. The partnership will allow Primis’ brokers and their landlord clients to access Landbay’s range of both mainstream and specialist buy-to-let mortgage products through its online intermediary portal and benefit from Landbay’s two-minute decision in principle (DiP).
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