U.K.-based peer-to-peer property lending platform Landbay Partners Ltd. said it will shut the retail P2P funding part of its business and become a marketplace for institutional lending.

A U.K.-based bank will buy the mortgages of retail lenders so that lenders can get their money back immediately, Landbay CEO John Goodall said in a blog post on the company's website.

The company said it was shutting down this part of business as it could not grow it commercially.