Atom Bank, an app-based lender in the UK, has joined forces with Landbay to expand into the buy-to-let market.
Under the partnership with Landbay, which is a platform for buy-to-let mortgages, Atom Bank will finance up to £500m of the latter’s prime residential buy-to-let mortgages.
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The partnership, which gives Atom Bank access to the £280bn buy-to-let market, will leverage Landbay’s technology-enabled lending platform and broker distribution network.
Since its inception in 2016, Atom Bank, which already offers both prime and near-prime residential mortgage, has offered over £3bn in mortgage.
Atom Bank chief financial officer David McCarthy said: “Partnerships with specialist originators of the quality of Landbay complement our existing portfolio of products and provide us with access to new markets.
“Landbay is an ideal partner for us – not only do they share Atom’s values and a focus on an exceptional customer experience, but they’re supported by strong technology and are committed to providing market-leading products and services.”
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By GlobalDataLandbay CEO John Goodall said: “This partnership with Atom will help us at Landbay to extend our reach in the buy-to-let market and broaden our offering to brokers and landlords.
“This partnership reinforces the growing reputation Landbay has for originating and managing buy-to-let mortgages at scale for our institutional partners. It also ensures that we can continue to expand our competitive buy-to-let mortgage offering and will help to further accelerate our growth over the coming years.”
Earlier this year, Atom Bank partnered with small business loan platform Funding Circle to provide £300m of new funding to small businesses.
