Today: Last Update:

Linkedin Linkedin   |     |   RSS Feed RSS

Breaking News:

Bridgebank pulls out of regulated market  masthaven  Lender exceeds £45m of business in 1 month  masthaven  £10m fraud bill uncovered by leading insurer  masthaven  Exclusive: Regentsmead launches speedy online portal  masthaven  Just Bridging Loans appoints new Director  masthaven  10 questions with Gaynor McCormick, Head of Legal at Mint Bridging  masthaven  HSBC announces 10% profit rise  masthaven  Bridging lender announces record quarter  masthaven  The Transfer Window  masthaven  How does sport affects the property market?  masthaven  Talk of the town  masthaven  Major dispute threatens UK development project  masthaven  What areas will lenders not touch?  masthaven  Exclusive: Just Cashflow announces new manager  masthaven  NACFB Finance Platform steps closer to reality  masthaven  Roma resolves family property saga with bridge  masthaven  Charles Haresnape: "We don't believe that tax relief is a primary driver of the economics”  masthaven  Dragonfly and Maslow set to end consultancy arrangement  masthaven  Lender announces 94% profit increase  masthaven  Lord of the Rings home to be backed by crowdfunder  masthaven  Exclusive: Everline appoints Senior BDM  masthaven  P2P lender launches friends and family scheme  masthaven  Bank sets aside £100m for commercial product launch  masthaven  Aldermore revamps BTL range and opens SME lounge  masthaven  Shawbrook to impact market with new product  masthaven  Metro Bank joins TMA panel  masthaven  SMEs owed nearly £2k through lack of cash  masthaven  Ex-nightclub owner punished over property fraud  masthaven  Finance experts predict UK will stay in the EU  masthaven  Shawbrook appoints new MD  masthaven  Uncovered: Lenders under threat  masthaven  Aldermore steps up commercial mortgage range  masthaven  Dragonfly appoints ex-banker as BDM  masthaven  Alternative Bridging Corporation attracts new brokers with competition  masthaven  Bank hires large loans manager to keep up with demand  masthaven  Titlesolv: Providing strong foundations?  masthaven  Bank launches online kitty  masthaven 

Relendex relaunches P2P platform

Posted by

Relendex relaunches P2P platform

After a false start, Relendex, the secured P2P lending platform for commercial property investments, has relaunched its property funding platform with a £700,000 deal.

B&C had previously reported that the platform was seemingly on the brink of failure having not been able to attain full funding for its first advertised loan deal.

However, the platform is now back on track having launched the first of many new loan deals on its live marketplace.

B&C spoke to founder and CEO of Relendex, Michael Lynn, about the false start, who admitted “we needed to walk before we could run” and that it wasn’t the right loan deal to kick-start the platform launch.

Now, Relendex is launching a loan auction for £700,000 on a 12-month term. The offering is for a senior first charge loan, with an LTV of 52 per cent, on a new-build residential apartment building in Newquay.

The loan covers nine of the fifteen units in the apartment building and lenders and investors successful in the auction lot will earn rates from 9 per cent.

There are many other loans in the pipeline for the platform, with six loans listed as “COMING SOON” on the Relendex Live Marketplace.

Commenting on the dropped first loan, Michael said: “It’s about matching borrower requirement against lender appetite. It’s like a big bird taking off, you’ve got to have the momentum and run-up before you can fly.”

Michael added: “We now have strong appetite and support and have gained that momentum. We’ve got some indications from a number of lenders and have strong relationships with a number of investors, HNW individuals and a couple of investment companies.”

The lot sizes are a lot smaller now, ranging up to £850,000, and there is a much better understanding when dealing with lender appetites and for particular lots.

The platform made a bad start after numerously extending the expiry date of its first loan deal, a much larger £2.95 million loan, which was subsequently withdrawn from the platform.

Michael informed B&C that that the loan was also withdrawn due to a reliance on an underwriter. The underwriter purpose was to bring a guarantee of funds for a particular project, but “that didn’t come through”.

The platform’s optimism could have been its downfall in respect to its first loan; however as Relendex is dealing typically with higher-ticket loans it is no surprise that it takes longer to attain the full amount of funding needed and indeed for it to complete. The news that Relendex is starting off again with smaller loan sizes is a positive move forwards and one which should prove popular amongst lenders and investors.

Relendex launched in April 2012 as the “first peer-to-peer lending exchange” for commercial property loans with an aim of raising £250 million of funding.

For its launch, Relendex had taken on ex-astl CEO Adrian Bloomfield on an advisory basis. The lender had also announced that it had appointed Mirabaud Securities, one of Switzerland’s oldest and most well-regarded private banks, to raise up to £250 million from private and institutional lenders to invest in commercial property loans via its online exchange platform.

Other property P2P platforms are working well within the marketplace, including the LendInvest platform, which recently broke the £8.5 million barrier for loans completed to date.

Relendex is now back on track with its new auction offering. We await to see how the first loans progress.


  • Photo


    Looks promising!


leave a comment

Please fill all the required fields.

captcha image