Atom Bank enters Landbay funding partnership worth £500m

Atom Bank has announced a new partnership with Landbay, a marketplace lending platform for buy-to-let mortgages.

The partnership will see the Durham-based FinTech fund up to £500 million of Landbay’s residential buy-to-let mortgages, giving Atom access to the estimated £280 billion buy-to-let market.

The bank said that it has already surpassed £3 billion of mortgage completions since its launch in 2016.

“Atom has its sights set on growth, return and customer excellence. Our rapid growth over the past few years has been built on strong risk management, a low cost of funding and slick processing,” said David McCarthy, chief financial officer, Atom Bank. “Partnerships with specialist originators of the quality of Landbay complement our existing portfolio of products and provide us with access to new markets.”

McCarthy added: “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.”

The expansion into buy-to-let lending via Landbay is the first in a series of planned partnerships for Atom. It will form part of a programme that broadens Atom’s access through distribution partners to new areas of the market.

“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,” said John Goodall, chief executive, Landbuy. “In Atom we have a partner which shares our values and passion for improvements through technology.

“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.”

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