Blend Network

Blend Network launches light refurb product with up to 75% LTGDV

Blend Network has introduced a new light refurbishment plus offering.

The product range offers up to 75% LTGDV and 90% LTC by blending mezzanine and senior debt into one single facility, which means developers won’t need to structure the deal with several lenders. 

Consequently, developers are able to optimise their day-one cashflow and maximise returns.

The offering is available to experienced property developers on BTL properties which may benefit from minor improvements. 

It offers a minimum loan of £500,000 and a maximum of £10m, from 0.65% per month. 

“We are thrilled to bring this finance product to market, reacting quickly to the market’s needs,” said Paul Watson, head of lending at Blend Network (pictured above).

“Over the past year, we have seen a huge number of enquiries from brokers looking to secure finance for clients who wish to undertake quick refurbishment projects before selling. 

“The increased demand for such refurbishment products reflects the thriving property market in the UK. 

“By introducing our new light refurbishment plus product, we believe Blend Network is providing intermediaries access to an increased choice of creative and flexible development finance solutions.”

In recent months, the specialist lender has funded several landmark light refurbishment deals, including a care home conversion in Dorset, a restoration scheme of 10 historical properties in the heart of Gloucester’s city centre, and multiple HMO conversions across the country.

The company has also seen demand for the conversion of buildings in city centres such as London, Birmingham, and Manchester. 

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