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New P2P lender completes first BTL deal – for SPV limited company

Mortgages for Business has successfully brokered the very first buy to let re-mortgage for new P2P lender Landbay.

A loan of £175k at 74% LTV was offered to a successful 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 less than 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. We already have several more cases in the pipeline.”

The success of the deal should make an enormous difference to investors who are looking for credible alternatives to the traditional buy to let lenders. Landbay, which launched at the end of April is the only P2P (or crowdfunding) platform where lending is exclusively for buy to let mortgages on UK residential property, with all lenders enjoying the security of a first charge on the property.

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