Blend Network funds largest ever project
Peer-to-peer specialist lender Blend Network has funded its largest ever project to date, a £5.6m gross development value (GDV) project in Dorset.
Blend Network agreed a 23-month £3.5m total net lending facility to facilitate the development of a property into 15 apartments in Ferndown, Dorset.
The proposed development comprises 13 two-bedroom and two one-bedroom apartments.
According to the lender, the first tranche of this facility (£1.1m) was funded in less than one minute.
Paul Watson, head of origination at Blend Network, said: “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 one minute. 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, added: “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 synonym with professionalism, transparency, tech-powered efficiency and great quality customer service.”