Blend Network

Blend Network funds its second largest loan

Blend Network has provided its second largest loan, which was funded within two business days.

The £700,000 loan — the first tranche of a £1.95m total loan facility — will be used to redevelop an office building in Stafford into 27 apartments (pictured above) by an experienced property developer.

The deal — which was against a total security of just under £3.1m — was funded by 114 contributors, including a combination of retail and HNW investors, and family offices.

“This is a clear indication of investors’ appetite for property-secured P2P loans that offer double-digit returns,” said Yann Murciano, CEO at Blend Network.

“At a time when there are increasing concerns about a decoupling between the equity market and the real economy, leading to fears of a [equity] market correction, we have seen an increase in appetite from family offices who are looking into private debt and, since many don’t have an origination and due diligence arm, they lend through P2P platforms like ours.”

“The fact that this loan was funded in just under two business days by such a large number of investors is a clear indication of investors’ trust in the track record that we have been able to build,” added Roxana Mohammadian-Molina, CSO at Blend Network.

She added that they had all co-invested in the loan under the same conditions.

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