Landbay has partnered with property risk software developer eTech to implement its new online portfolio submission platform.
Brokers can upload all portfolio property details and then both monitor and manage the portfolios, with streamlined portfolio stress testing and income coverage ratio assessment.
eTech’s Buy to Let Hub automates all key criteria variables, sending a summary report automatically to the underwriters and allowing the lender to assess individual applications quickly. Landbay says it typically issues an Offer in Principle within 48 hours and completing loans within 21 days.
Paul Clampin, chief lending officer, Landbay, said: “Thanks to the support and expertise of eTech, our brokers can expect business as usual in the coming months. Landbay has always turned to technology to provide the best and most efficient service to brokers, and this partnership is yet another demonstration of that commitment to lead the way in terms of software and security.
“Combined with Landbay’s tech-enabled underwriting platform, portfolio landlords, and their brokers, are now able to use this efficient straight-through process to secure a loan, while the robust back-end will make this as quick and accurate as possible.“
Mark Blackwell, lending and surveying services director at eTech Solutions, added: “We set out to make the new regulatory process as easy as possible for brokers whether verifying security and portfolio addresses for accurate property verification or taking any version of excel and instantly uploading it into Landbay’s required template coupled with the ability to allow brokers to submit multiple portfolios linked to multiple loan applications simultaneously to many lenders.
“Landbay recognises the need to make life easier for the broker at the same time managing the new regulatory regime with a set of highly configurable rules to meet the PRA requirements. With the buy-to-let market becoming ever more specialist we believe the Buy to Let Hub will bring great advantages to both lender and broker. We look forward to working with Landbay at this time when the regulator now has bricks mortar firmly on its compliance radar.”