UK’s Blend Network, a specialist development finance lender, has reportedly funded a £4 million residential scheme located in Cambridge, which is focused on developing nine apartments that cover an area of 5,457 sq. ft.
As reported by Mortgage Introducer, Blend Network’s management noted that the project will offer accommodation in Cambridge – an area the firm has expanded into.
This year, the UK-based lender confirmed that they appointed Chris Mason as their new lending director in Cambridgeshire in order to assist the firm with expanding its regional presence while providing a considerable amount of funding.
Barry Burroughs, Director at Commercial Sense, said that they’ve worked cooperatively with Mason and other professionals at Blend Network to deal with various planning queries and find an appropriate banking solution for the developer and other parties.
“The result was a solution that worked and allowed us to get the deal over the line in exceptionally quick time of just under seven weeks from start to finish and meet the extremely tight timeframe that our customer had to work to.”
Mason added they were pleased to support the property developer that’s behind the scheme and offer the capital required for the initiative.
Mason also noted:
“We are well known for funding development schemes across the UK, but have recently stepped up our lending operations in the mid-country and established a strong local footprint in Cambridgeshire as we continue to expand our remit. We worked very closely with the developer to build a tailored funding package that suited their needs, and we look forward to overseeing the progress of this development.”
As covered in June 2022, Blend Networknoted that their commitment is to help investors “access great risk/return lending opportunities, while at the same time supporting experienced SME property developers and small construction companies unlock funding to build more homes.”
Blend Network‘s experienced lending team, “formed of property and finance experts with decades of experience in the development finance market, are responsible for ensuring that all the loans [they] bring to investors meet all the highest criteria and offer great risk/return.”