A new peer-to-peer lender is aiming to give ordinary savers access to buy-to-let by allowing them to invest in residential property from as little as £100.
Landbay claims to offer landlords fast, competitive buy-to-let loans, which will be available through brokers. It’s offering "frustrated savers" with returns of between 3.5% and 10% a year over three years.
It claims it will target "highly vetted and carefully valued UK residential properties", to reduce risk.
This is the latest twist on the P2P concept, pioneered by Zopa, which has arranged more £1 billion worth of lending in total.
Landbay will match savers keen to invest in buy-to-let with landlords looking to buy property.
And it will offer a range of buy-to-let mortgages with what it claims will be competitive rates and a faster application process.
Landbay founder and chief executive John Goodall said: “Landbay is an important new innovation that will open the door to a much broader cross section of the public to the attractive returns available from Britain’s residential buy-to-let market, a sector that was worth £21 billion in new lending last year alone.”
For savers, Landbay claims to be is "democratising" buy-to-let investment through its minimum £100 investment, allowing a much wider cross-section of the British public to invest in residential property.
Savers, who lend money to investors, will have the security of a first mortgage charge on the property.
The low minimum investment per property allows them to reduce their risk by diversifying their lending across different kinds of property in different regions.
Landbay also offers mortgages to investors, and claims it can process applications within the 48 hours.
Borrowers can come directly to Landbay themselves or deal via their broker.
The site claims to be the only P2P lender working exclusively in the residential buy-to-let mortgage market.
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