RELENDEX has announced that it has increased its maximum single loan size from £3m to £5m after securing new funding lines.
This brings the peer-to-peer property lender closer to attaining its lending target of £100m in the next calendar year.
The higher-value loans will be available across the bridging, redevelopment and new-build residential sectors as well as commercial and industrial assets where circumstances allow, Relendex said on Monday.
“Our lending target is three times the amount we have lent to date and shows how quickly and effectively the business is growing,” said Michael Lynn, chief executive of Relendex.
“We are pleased that our track record of high-quality loan propositions and good returns to lenders are proving an attractive proposition and we look forward to many more joining our platform in the coming months.
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“We remain focused on the traditional property underwriting values that have allowed us to grow to this point and pride ourselves on our competitive terms, efficient and flexible processes as well as direct access to decision makers for borrowers. Relendex is actively looking for professional borrowers over a wide range of property backed opportunities.
“The UK housing crisis presents a real opportunity for property developers and house builders, as long as they have access to finance. We believe that Relendex can play a significant role in supporting the industry, by providing competitive interest rates to our borrowers, as well as our lenders.”