Blend Network, the specialist development finance lender, has reportedly acquired a new £50 million+ institutional funding line in order to provide bridging to property developers in the United Kingdom.
This latest form of support via newly committed capital to be deployed by the Blend Network is indicative of the firm’s steady development since its inception back in 2018.
Additionally, it enables Blend Network to introduce other products to assist the UK’s property developers.
The funding line is reportedly being added to Blend’s current family office-supported and institutional funding.
The firm has previously revealed that it had acquired £120 million committed capital from a number of prominent family offices to consiedrably enhance its lending capacity and further support mid-size property developers across the United Kingdom.
As noted by its management:
“We appreciate many developers have faced a challenging market environment over the past 18 months. Consequently, sales have been slow, and exits have taken longer than initially expected and planned.Many developers we speak to have had their development loan facilities expired and are under increased pressure from their lender who are experiencing lender fatigue.”
They added that they’re eager “to support those developers by stepping in to help them carry their projects to a point where they can achieve their sales targets instead of having to sell at a discount or accept any offer just to exit.”
At Blend, they claim to have “built a reputation for being a through-the-cycle lender, a lender who understands the development process and the challenges that come with it.”
The team added that they’ve built a product “that answers the needs of developers, and they are very excited about this new institutional funding line that’ll increase their dry power to continue supporting developers.”
Yann Murciano, CEO at Blend, added that they have “the appetite to support quality developers in all market conditions.”
Blend Network, the specialist development finance lender, confirmed that it has secured this institutional funding line with the intention to offer bridging to real estate development projects.
Yann Murciano, CEO at Blend Network, concluded that they “built a product that answers the needs of developers.”