Blend Network has repaid £2,282,000 to lenders who had invested in six loans.
These comprised the Charterhouse loan, the Image House loan and four Crown House loans. Lenders on all these loans earned eight to 10 per cent return per annum.
“We are very pleased that all our lenders on these six loans got repaid well ahead of maturity,” said Yann Murciano, chief executive of Blend Network, in a blog on the property peer-to-peer lender’s website.
“This is a testament to the high quality of loans on the Blend Network platform and to the experience of borrowers who are able to deliver the projects even in the current Covid-19 pandemic.”
“We are very grateful to all lenders on Blend Network for the trust and confidence they have deposited in us and our team,” Roxana Mohammadian-Molina, chief strategy officer of Blend Network, said in the blog.
“We are working extremely hard to continue building an enviable track-record.”
The Image House loan was taken in October 2019 to finance the acquisition and redevelopment of an office building in Stafford into 23 residential apartments.
The 24-month loan was funded by 103 investors who were repaid last week, ahead of maturity, as the borrower has been able to get additional planning for four more apartments and was recently refinanced by Blend.
The Charterhouse loan was taken in November 2019 to finance the acquisition and conversion of a two-bedroom, two-story terraced house into a five-bedroom house of multiple occupancy in Coventry.
The 18-month loan was funded by 40 investors who got repaid last week, ahead maturity, as the borrower has completed the project and refinanced.
And the Crown House loans were taken to complete phase one of the conversion of an existing office building in Great Yarmouth, Norfolk into 15 residential apartments, which have now been completed.