UK-based Blend Network, a peer to peer lending platform, revealed on Monday (June 1, 2021) that it funded its “largest-ever” project to date, a £5,630,000 Gross Development Value (GDV) project based in Dorset.
As mentioned in a note shared with Crowdfund Insider, Blend Network “agreed a £3,460,000 total net lending facility (23-months) to facilitate the development of a property into 15 apartments in Ferndown, Dorset.”
The update from Blend Network also mentioned that the proposed development “comprises 13 x two-bedroom apartments and 2 x one-bedroom apartments, much-needed in the area.” The announcement further noted that the first tranche of this facility (£1,100,000) was “funded by Blend Network in less than 1 minute at 5.48 pm on Tuesday 1 June 2021.”
Paul Watson, Head of Origination at Blend Network, stated:
“As lenders, we work with a variety of property developers and we always hear from our borrowers that there is not a shortage of opportunities available yet what often delays or frustrates deals is the constrained nature of many lenders in the market. So, we were delighted to fund this project – our largest to date – in less than 1 minute.”
Watson added:
“This is less time it takes for most lenders to pick up the phone! We enjoyed working with the borrower, an experienced property developer, to create a finance package that was right for him and that took into account the true requirements in the development process. The lending team at Blend Network prides itself with being a team of property experts who speak the property developer’s language and can understand their needs and requirements.”
Roxana Mohammadian-Molina, Chief Strategy Officer at Blend Network, remarked:
“At a time when many lenders have constrained their lending criteria or stopped lending all together due to Covid-19, we are delighted to keep actively lending and providing much-needed funding to property developers who are out there hunting for deals to take advantage of this market. I am particularly proud that Blend Network has established itself as a leading tech-powered development finance lender. The Blend Network name has become synonymous with professionalism, transparency, tech-powered efficiency and great quality customer service.”