UK’s Blend Network, a specialist development finance lender, is reporting solid progress on-site at one of the schemes that they recently funded in Cambridge, where the borrower “intended to acquire, convert and extend an existing building into nine apartments.”
At Blend Network, they are supporting property developers with doing what they do best while they aim to take care of all things finance.
As covered, Blend Network provides an investment management platform for institutional and individual investors in order “to co-invest in real estate lending, backing mid-market schemes underserved by traditional lenders.”
In addition to these developments, the firm is also reporting another project funded via Blend Network. They’ve supported an experienced property developer to acquire and develop a property in a beautiful seaside location in North Somerset.
Blend Network says they hear from the property developers that they work with that they most want “to work with a lender who can take care of all things finance, so they can focus on their schemes.”
While sharing other key updates, Blend Network notes that data from Nationwide Building Society, reveals that cash house purchases, “though down from the 2021 highs, have been remarkably resilient, while purchases involving a mortgage have slowed much more sharply.”
The Blend Network team also shared that the supply of new #homes in England “remains under pressure.” According to new research by Savills, 2023 will “see c. 25k fewer new homes than previous year amid difficult development conditions.”
Blend Network pointed out that a key factor “has been ongoing uncertainty over planning policy.”
As covered last year, Blend Network had 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.
Blend Network’s management noted that the project will offer accommodation in Cambridge – an area the firm has expanded into.
In 2022, the UK-based lender confirmed that they appointed Chris Mason as their new lending director in Cambridgeshire to assist the firm with expanding its regional presence while providing considerable funding.
