Blend Network has updated its product prices with its bridging loans now starting from 0.7 per cent per month and refurbishment and development loans from 0.75 per cent per month.
The peer-to-peer lending platform has introduced a new revised term sheet which it said will allow brokers and borrowers to compare terms with the wider market more easily and efficiently.
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“The development finance market is notorious for its lack of transparency, for its inefficiency and for its fragmentation,” said Yann Murciano, chief executive at Blend Network.
“So, by launching new revised term sheets that show terms with rolled-up interest and the retained interest equivalent terms we strive to bring greater transparency into this market.
“For example, our six-months pre-agreed loan extension with the same interest rate and no admin charges is a testament to our willingness to build long-term relationships with our borrowers.
“At a time when many lenders are aggressively making their money from default rates and repossessions, we have demonstrated time and again that we are in the business of building long-term relationships.”
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“The past year has provided a real opportunity for alternative lenders like us to demonstrate the true merits of our flexible and customer-focused source of funding,” said Paul Watson, head of origination at Blend Network.
“Sadly, the development finance and bridging market has traditionally been characterised by a deep lack of transparency and a sense of ‘wild west’ where many lenders are trying to pick-up one-time business and charging exorbitant rates.
“We’re proud to have a built a service-focused business that puts clients first, sticks by its borrowers and brings a breath of fresh air to the market with a transparent price structure and competitive gearing.”
On 23 March Blend Network funded the first tranche of a £2.6m lending facility within just six minutes and it is now on track to more than double its lending in 2021 after increasing its lending by 104 per cent compared to the previous year.