Landbay secures £1bn of funding from Allica Bank in five-year partnership

Landbay has partnered with Allica Bank to fund its BTL mortgages over the next five years.

The five-year funding partnership is worth £200m of originations per annum, where Allica will fund a range of residential BTL mortgages originated by Landbay.

Allica was awarded its banking licence in September 2019 and recently announced it had completed over £70m to SMEs in its first year of lending, with approximately £120m of committed lending offers in the process of completion.

The new partnership complements Landbay’s wide-spread institutional funding arrangements via its marketplace model that includes banks, funds and securitisation programmes, and follows a number of funding deals over the past 12 months.

In November, Landbay secured a £1bn funding deal from an undisclosed asset manager and, in July, obtained a £200m bank funding line.

John Goodall, CEO at Landbay (pictured above), said: “This partnership with Allica reinforces the growing reputation that Landbay has for originating high quality BTL mortgages for our institutional partners via our platform.

“It will also ensure that we can continue to provide some of the most competitively priced BTL mortgages in the market.

“We are really pleased to be working with Allica, which has similar values to Landbay, and also has a real customer focus.”

Richard Davies, CEO at Allica, added: “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.

“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.“

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