RELENDEX has secured a new £72m funding line from an unnamed institutional investor, as it eyes £100m of lending in 2019.
The peer-to-peer property lender said on Monday that the two-year agreement will give it a minimum of £3m per month to invest in loans secured on property in England and Wales. It said this will enable Relendex to facilitate loans of up to £10m.
“Relendex is increasingly confident of achieving its lending target of £100m in 2019,” the firm said.
Michael Lynn, chief executive of Relendex, said the deal represented “a step change in our business and a fantastic endorsement of the Relendex proposition”.
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“This investment is a validation of the six years hard work that has gone into building a company that can make a significant difference to the funding of UK property,” he added.
Relendex said the partnership had only been achieved after an intensive period of due diligence into the platform’s underwriting and lending practices.
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“This new partnership is an enormous boost to our whole team,” said Paul Sonabend, commercial director at Relendex.
“It means that our other lenders can invest with us in confidence, knowing that the systems we have put into place to evaluate and protect their investments meet the most exacting standards.”
Relendex separately announced that it has hired new employees to help it reach its lending target. George Petrou has been appointed as underwriting manager, while Rick Davey and Danny McMurdo have been named as business development managers.