Blend Network

Blend updates product price matrix

Blend Network has launched a revised product price matrix for its development and bridging finance offering.

The lender will price its refurbishment and development finance facilities from 0.75% per month and bridging loans from 0.7% per month.

The refreshed term sheet aims to allow brokers and borrowers to compare terms with the wider market more efficiently.

Blend offers loans between £150,000 and £5m with a UK-wide appetite.

It can provide finance at up to 75% LTGDV, 90% LTC and 100% of build costs.

This follows a period of rapid growth for the alternative lender, as it registered a 104% increase in lending in 2020, despite the global pandemic.

It stated that it is on track to more than double its lending this year.

At the end of March, Blend funded the first tranche of a £2.6m loan, its largest ever deal to date, within six minutes.

In addition, it added several new people to its lending team, including Barney Iles, who joined as a lending manager.

Yann Murciano, chief executive at Blend Network (pictured above), said: “The development finance market is notorious for its lack of transparency, inefficiency and fragmentation. 

“So, by launching new, revised term sheets that show terms with rolled-up interest and [their] retained interest equivalents, we strive to bring greater transparency to this market.” 

Paul Watson, head of origination at Blend Network, added: “The past year has provided a real opportunity for alternative lenders like us to demonstrate the true merits of our flexible and customer-focused source of funding. 

“Sadly, the development finance and bridging markets have traditionally been characterised by a deep lack of transparency and a sense of ‘wild west’,” he claimed. 

“We’re proud to have a built a service-focused business that puts clients first, sticks by its borrowers and brings a breath of fresh air to the market with a transparent price structure and competitive gearing.”

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