Landbay selects Oracle NetSuite to accelerate growth of peer-to-peer mortgage lending
Zoopla-backed buy-to-let mortgage lender aims to lend £1bn to UK landlords by 2020
LONDON, Oct. 18, 2018 /PRNewswire/ -- SUITECONNECT -- Fast-growing buy-to-let mortgage lender Landbay has chosen Oracle NetSuite to support its goal of creating a more accessible buy-to-let mortgage marketplace for investors, borrowers and brokers. With NetSuite, Landbay will be able to attract more users to its platform by accelerating decision-making so that it can process loan applications ten times faster than other lenders.
Founded in 2014, Landbay offers landlords more competitively priced buy-to-let mortgages and individual investors direct access to the lucrative mortgage-lending market. With accelerating growth and ambitious plans to own ten percent of the overall specialist buy-to-let market in the UK by 2020, Landbay needed a unified and flexible business platform that could scale to support changing business needs. To meet these demands, achieve a real-time view across its business and reduce the amount of time spent running reports, Landbay selected NetSuite.
"Landbay is rapidly scaling and to support this growth we needed a technology platform that would enable us to make decisions quickly, while continuing to offer competitive products for our borrowers and lenders," said Julian Cork, chief operating officer, Landbay. "For us, growth means signing up more people as investors and providing more mortgages to landlords, so we need to offer competitive rates on both sides. NetSuite supports that goal by giving us the insights we need and also frees up our team to build out the best mortgage products for landlords and investors."
With NetSuite, Landbay will be able to deliver a superior experience for its lenders and borrowers by gaining faster market insight that will enable its staff to make swifter decisions around mortgage applications and investor sign ups. As a result, Landbay is able to approve any loan application in just 48 hours versus the industry average of three weeks. NetSuite will also help enable Landbay's employees to shift focus from administrative tasks and focus more time on developing innovative lending products.
"Landbay's impressive growth stems from having a product that offers accessible, competitive returns for investors and competitive rates for borrowers," said Nicky Tozer, EMEA VP, Oracle NetSuite. "By running its business on NetSuite, Landbay has a solid foundation for growth and can focus its time and resources on continuing to provide its customers with market-leading products and services."
About Landbay
Established in 2014, Landbay is a marketplace lending platform for prime residential buy-to-let mortgages. With funding originating from retail and institutional investors, Landbay uses peer-to-peer technology to fund the buy-to-let mortgages of responsible landlords.
Landbay is authorised and regulated by the FCA, but peer-to-peer lending is not covered by the FSCS. Investors' capital is at risk. Investments start at £100, with interest rates on offer of up to 3.54% (annualised).
For borrowers, Landbay products are available via its accredited broker partnerships.
Landbay is a member of UK Finance and one of eight members of the Peer-to-Peer Finance Association. The company is based in London (UK). More information can be found at www.landbay.co.uk and intermediaries.landbay.co.uk
About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 15,000 customers in 203 countries and dependent territories.
For more information, please visit http://www.netsuite.com
Follow NetSuite's Cloud blog, Facebook page and @NetSuiteEMEA Twitter handle for real-time updates.
About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.
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