Blend Network obtains full FCA authorisation
Blend Network, the development finance and bridging lender that launched in 2018 to serve mid-market property developers in the UK, has been approved by the Financial Conduct Authority (FCA) for direct authorisation.
The direct authorisation will help consolidate Blend Network as a market leader for syndicated development finance loans in the UK and support the rapid expansion of its borrower base.
This news follows the recent launch of a new revised product price matrix and several other rmilestones.
In 2020, Blend Network doubled its lending volume compared to the previous year despite the global pandemic; it is now on track to more-than double its lending in 2021.
On 23 March 2021, Blend Network funded the first tranche of a £2,600,000 lending facility in just 6 minutes. This demonstrates the trust and confidence borrowers continue to deposit on the platform as a result of its track-record and service.
Yann Murciano, Chief Executive at BLEND Network, commented:
“We are thrilled to have been granted full direct authorisation by the FCA.
The approval process required the FCA to conduct an extremely exhaustive and thorough due diligence on Blend Network and it required Blend Network to disclose extensive information.
We believe this authorisation will help us consolidate ourselves as one of the leading development finance lenders in the market and further enhance borrower trust in our business.”
Roxana Mohammadian-Molina, Chief Strategy Officer at BLEND Network, commented:
“We worked extremely hard to achieve full FCA Direct Authorisation and this is an enormous success for us, especially considering that only a handful of platforms have got approved over the past couple of years – a lot more used to get approved each year prior to 2019.
Moreover, this enormous success comes at a time where Blend Network is in full growth mode and has been hitting multiple landmarks. This helps generate trust in what we are building at Blend Network.”