Blend Network

Blend Network completes loans for two low-cost housing projects

P2P lender Blend Network has completed the advance of £1.15m in loans for two low-cost housing developments in Norfolk.

The loans will enable two low-cost housing development projects in Norwich and Great Yarmouth to go ahead, which will contribute to addressing the affordable housing challenges that the region faces.

Blend Network advanced £550,000 for the purchase and redevelopment of a 17th-century, Grade II-listed Norwich-based guesthouse after its network of lenders committed funds to the development project in a record 19 seconds.

The scheme will see the conversion of the property into six low-cost apartments and one commercial space.

A total of £600,000 was also advanced for the purchase and redevelopment of Crown House in central Great Yarmouth, which will be converted into residential accommodation of 30 low-cost apartments.

Yann Murciano, chief executive officer at Blend Network, said: “We were delighted to be able to facilitate these two loans which allow these important low-cost housing developments at Colegate in Norwich and Crown House in Great Yarmouth to go forward.

“A shortage of low-cost accommodation is a key challenge in Norfolk, and we hope to play a strong role in helping the county address this vital issue.”

These developments put Blend Network on track to reach its £30m lending target.

Amendment: 2nd April 2019
An earlier version of this article was headlined: Blend Network completes loans for two affordable housing projects. We have since amended that this is low-cost housing projects.

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