Blend Network increases max LTGDV
Development finance and bridging lender Blend Network has increased its maximum loan-to-gross-development-value (LTGDV) from 65% to 68%.
Blend Network has reported that as a result it is the senior lender with the highest LTGDV in the development finance market; this change to its product offering decreases the need for mezzanine finance
Blend Network currently offers up to 90% loan-to-cost (LTC), and rates start from 0.75%; decisions in principle are made with 24 hours.
Paul Watson, head of origination at Blend Network, said: “Without a doubt 2020 has been a strange year in the property market but as a lender we’ve seen very strong activity and hit fresh monthly records of lending in recent months.
“We now feel confident to increase our lending parameters and push boundaries to continue to serve our borrowers by blending mezzanine and senior debt to become their lender of choice.”
Roxana Mohammadian-Molina, chief strategy officer at Blend Network, said: “From a strategic point of view, I strongly believe that COVID-19 provided a unique opportunity to test the alternative lending market.
“Blend Network has been one of the few alternative finance providers emerge very strong from the crisis.
“Over the past few months, we’ve stood by our borrowers, strengthened our existing relationships with them and built new relationships.
“We now believe it is time to go ‘all out’ and win as many good quality deals as we can as we see some pockets of the UK market continuing to outperform strongly”.