BLEND Network reduces bridging and development finance rates
BLEND Network, the development finance and bridging lender that launched in 2017 to serve mid-market property developers in the UK, has launched a revised product price matrix.
BLEND Network will price its bridging loans from 0.7% pcm and its refurbishment & development finance loans from 0.75% pcm.
The new revised term sheet will allow brokers and borrowers to compare terms with the wider market more easily and efficiently.
Furthermore, the more comprehensive term sheets are backed by a team of property experts willing and able to answer any questions borrowers may have.
This news follows a period of rapid growth, speedy expansion of its lending team with several high-profile appointments and recent lending milestones.
In 2020, BLEND Network increased its lending by 104% 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.
BLEND Network is a development finance and bridging lender offering loan sizes of between £150k and £5m with UK-wide appetite. It offers up to 75% LTGDV, up to 90% LTC and 100% build costs.
Yann Murciano, pictured, Chief Executive at BLEND Network, commented:
“The development finance market is notorious for its lack of transparency, for its inefficiency and for its fragmentation.
So, by launching new revised term sheets that show terms with rolled-up interest and the retained interest equivalent terms we strive to bring greater transparency into this market.
For example, our 6-months pre-agreed loan extension with the same interest rate and no admin charges is a testament to our willingness to build long-term relationships with our borrowers.
At a time when many lenders are aggressively making their money from default rates and repossessions, we have demonstrated time and again that we are in the business of building long-term relationships.”
Paul Watson, Head of Origination at BLEND Network, commented:
“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 market has traditionally been characterised by a deep lack of transparency and a sense of ‘wild west’ where many lenders are trying to pick-up one-time business and charging exorbitant rates.
We’re proud to have a built a service-focused business that puts clients first, sticks by its borrowers and bring a breath of fresh air to the market with a transparent price structure and competitive gearing.”