Yann Murciano

Blend Network celebrates third birthday

Since officially launching in January 2018, specialist P2P lender Blend Network, which has recently celebrated its third anniversary, has funded 64 loans and helped property developers and investors across the UK, reaching a total of over £22m lent.

Its latest four loans were funded by 217 investors.

The first loan, a £635,000 facility for the acquisition and conversion of a property into a four-bedroom house and garage in Stansted, London, was funded by 95 investors in less than one minute.

It was agreed at 55% LTGDV with a 21-month loan term on the first tranche of £400,000.

The second facility — a £2.25m loan arranged at 59% LTGDV on a 20-month term for the initial tranche, 19-month term for the second, and 16-month term for the third — was funded by 58 investors for the conversion of an office building in Great Yarmouth, Norfolk, into 30 residential apartments.

For the third deal, Blend Network obtained £1.95m from 59 investors (agreed at 63% LTGDV) for the conversion of an office building in Stafford into 27 residential apartments.

The loan terms for the three tranches are 20 months, 16 months and 15 months, respectively.

Lastly, the platform secured £700,000 from 59 investors to fund the construction costs of one detached house and eight residential apartments in Camborne, Cornwall.

It was completed at 56% LTGDV on a 18-month term for the first tranche and a 12-month term for the second.

The P2P lender also recently expanded its lending team in a bid to help more property developers fund their projects.

Yann Murciano, CEO at Blend Network (pictured above), said: “Blend Network was one of the few lenders that kept lending at the height of the pandemic; we actually doubled our amount of lending last year. 

“For a borrower, it is key to work with a lender you can trust to deliver on the finance side so you can focus on developing and building with peace of mind and do what you do best.” 

Roxana Mohammadian-Molina, CSO at Blend Network, added: “We are fully aware that great results are all down to effective teamwork, and we are very proud of the culture and work ethic we have built where the 'three T's' — as we like to call it — have been the backbone of our lending strategy since we launched: track record, trust and transparency.”

The P2P lender is looking to continue its growth, aiming to more-than double its lending again in 2021.  

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