UK’s Blend Network, a specialist development finance lender, has responded to “growing demand for light refurbishment projects.”
As mentioned in an update shared with CI, specialist development finance lender Blend Network has announced today the launch of a new Light Refurbishment Plus product range “specifically designed with property refurbishment projects at heart.”
The new product range “offers Loan-To-GDV (LTGDV) of up to 75% by effectively blending mezzanine and senior debt into one single facility and making it easier and faster for developers to borrow in one place without having to structure the deal with several lenders.”
This means that borrowers are able to “optimize their Day 1 cashflow and therefore maximize returns.” As explained in the update, Light Refurbishment Plus offers Loan-To-Cost (LTC) of “up to 90% and is available to experienced property developers on buy-to-let rental properties which may benefit from minor improvements.” It provides “a minimum loan of £500k and a maximum of £10m with monthly interest starting at 0.65% per month,” the announcement noted.
In bringing this product to the market, Blend Network is “quickly responding to a growing market demand.” In recent months, Blend Network has reportedly “funded several landmark light refurbishment deals such as a care home conversion in Dorset, a restoration scheme of 10 historical properties in the heart of Gloucester’s city centre, and the multiple HMO conversions across the country.”
The firm reports that it has seen demand for the conversion of buildings “in prime areas of city centers such as London, Birmingham, and Manchester.”
Paul Watson, Head of Lending at Blend Network, stated:
“We are thrilled to bring this finance product to market – reacting quickly to the market needs. Over the past year we have seen a huge number of enquiries from brokers looking to secure finance for clients who wish to undertake quick refurbishment projects before selling. The increased demand for such refurbishment products reflects the thriving property market in the UK and we at Blend Network are delighted to at the forefront of clients’ needs.”
Paul added:
“We have a track record of delivering top quality support and products to brokers and their clients. By introducing our new Light Refurbishment Plus product, we believe Blend Network is providing intermediaries access to an increased choice of creative and flexible development finance solutions.”
As covered, Blend Network is a development finance lender for UK SME property developers. Based in London, it is reportedly “backed by some of the world’s leading family offices.”