Blend Network

Blend Network lowers bridging and development rates

Blend Network has reduced rates across its bridging and development products from 0.9% per month to 0.75%.

The P2P property lending platform’s other lending criteria have remained unchanged.

In an exclusive interview with Bridging & Commercial, Paul Watson, head of origination at Blend Network (pictured above), described 2019 as a “very strong” year for lending.

“…Loans [were] regularly being funded in minutes and our investors [were] hungry for more deals.

“This critical mass on the lending side means that our appetite for loans is the highest we’ve ever seen it. 

“We now have access to more capital and, by building a strong reputation and track record, we are able to access cheaper money, which we are keen to deploy on good deals.”

Paul claimed that the bridging and development finance sectors weren’t currently performing optimally.

“We still see very experienced developers unable to access funding at speed and with certainty.”

“The high street and challenger banks are still operating a tick-box model which is cumbersome and highly restrictive,” he claimed.

“We operate a very different model which we believe to be adaptive, flexible and fit for purpose and this is reflected in the variety of deals we have done to date.”

Paul also revealed that Blend Network is due to speak with industry body Innovate Finance next week in relation to becoming part of the newly created 36H Group.

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