Relendex secures multi million partnership with global institutional investor
Peer-to-peer (P2P) property lender Relendex today announces it has secured a partnership with a global institutional investor worth a minimum of £72m over 2 years.
Relendex will be provided with a minimum of £3m per month to invest in loans secured on property in England and Wales. This partnership will allow Relendex to lend suitable developers up to £10m per project. Relendex is increasingly confident of achieving its lending target of £100m in 2019.
The new partnership is even more gratifying as it was only achieved after an intensive period of due diligence into Relendex’s underwriting and lending practices. This should be a source of great comfort to the Lenders on the platform.
Michael Lynn, CEO of Relendex described the backing as ‘a step change in our business and a fantastic endorsement of the Relendex proposition’
This investment is a validation of the 6 years hard work that has gone into building a company that can make a significant difference to the funding of UK property’
Paul Sonabend Commercial Director said:
‘This new partnership is an enormous boost to our whole team. It means that our other Lenders can invest with us in confidence, knowing that the systems we have put into place to evaluate and protect their investments meet the most exacting standards.’