UK’s Blend Network, a specialist development finance lender, has reported positive progress on a project it recently funded in Cambridge. The borrower’s intention is to acquire, convert, and extend an existing building into nine apartments. Blend Network’s aim is to support property developers while taking care of all financial aspects.
Blend Network offers an investment management platform for institutional and individual investors to co-invest in real estate lending, specifically targeting mid-market schemes that are underserved by traditional lenders. Apart from the Cambridge project, the company has also funded a property development in a picturesque seaside location in North Somerset.
The firm emphasizes that property developers they work with value lenders who handle all financial matters, allowing them to focus on their projects. In terms of market trends, Blend Network notes that cash house purchases have remained resilient, although they have declined from 2021 highs. On the other hand, mortgage-backed purchases have slowed more significantly.
Furthermore, Blend Network highlights the ongoing pressure on the supply of new homes in England. Research from Savills indicates that in 2023, there will be approximately 25,000 fewer new homes compared to the previous year due to challenging development conditions. A key contributing factor to this situation is the continued uncertainty over planning policy.
Notably, Blend Network had previously funded a £4 million residential scheme in Cambridge, covering an area of 5,457 sq. ft., which consists of nine apartments. This project allows Blend Network to expand its presence in the Cambridge area.
In order to support its regional growth and provide substantial funding, Blend Network has appointed Chris Mason as its new lending director in Cambridgeshire. This appointment reflects the company’s commitment to expanding its operations and support in the region.
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