The first tranche of the facility (£1.1m) was funded by Blend Network in less than one minute on 1st June.
The loan — agreed on a 23-month term — will facilitate the conversion of a property into 15 apartments in Ferndown.
It will comprise 13 two-bedroom and two one-bedroom apartments.
- Blend teams up with Rockstar Property Group to host webinar on funding HMO projects via P2P
- Blend Network secures full FCA direct authorisation
- A broker's trusted track record with a developer can lead to more 'bullish' terms
Roxana Mohammadian-Molina, chief strategy officer at Blend Network, said: “At a time when many lenders have constrained their criteria or stopped lending altogether due to Covid-19, we are delighted to keep actively lending and providing much needed funding to property developers who are out there hunting for deals to take advantage of this market.”
Paul Watson, head of origination at Blend Network (pictured above), commented: “As a lender, we work with a variety of property developers and always hear from our borrowers that there is not a shortage of opportunities available, yet what often delays or frustrates deals is the constrained nature of many lenders in the market.
“We enjoyed working with the borrower, an experienced property developer, to create a finance package that was right for him and that took into account the true requirements in the development process.”