The change follows significant growth over the past two years for the buy-to-let mortgage lender, which has been driven by institutional funders and accelerated by an additional £1bn commitment.
The move will allow it to focus entirely on supporting the private rental sector (PRS) through a buy-to-let product offering.
All existing retail P2P investors have had their funds returned to their Landbay account in full, including interest.
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John Goodall, founder and CEO of Landbay (pictured above), said: “Today’s [5th December] announcement means that, as a business, we can devote even more time to lending — supporting the UK’s vibrant and vital private rental sector.
“This decision comes from a position of growth and success, and we will continue to invest in our people, technology and brand to build a successful business of scale.”
Institutional funding now accounts for the majority of mortgages originated by Landbay in the past 12 months.
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