Atom bank and Landbay have entered into an origination and funding partnership worth up to £500 million.
The partnership will see the Durham-based fintech fund up to £500m of Landbay’s prime residential buy-to-let mortgages, providing Atom with access to the £280bn buy-to-let market. The partnership will utilise Landbay’s lending platform and extensive broker distribution network.
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.
David McCarthy, chief financial officer at Atom bank, said: “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. 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.”
John Goodall (pictured), CEO at Landbay, added: “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. 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.”
