Blend Network has funded £1m-worth of loans in 30 minutes, which is a new weekly record for the peer-to-peer property lender.
On Tuesday 28 January, the platform listed a £540,000 loan to finance the construction costs of seven apartments in Dundonald, County Down. The deal, which offers a 10 per cent return, was funded in less than a minute by 84 investors.
The following day it listed a a £460,000 bridge loan to part finance the acquisition of a development site in Northamptonshire with planning to convert to 24 apartments. The loan, which offers an eight per cent return, was funded in 29 minutes by 70 investors.
After hitting its new record, Blend Network went on to fund a £250,000 loan in around a minute.
“We are delighted to be in a position where two and half years after launching Blend Network we are able to fund £1,000,000 in just 30 minutes (or £1,250,000 in 31 minutes),” said Yann Murciano, chief executive at Blend Network.
“This is a testament to the level of trust and confidence that we have been able to build among our investors, which is a result of the strong due diligence we carry out on every loan and the good customer service.
“It also shows that investors are hungry for yield.”
“We are delighted with the appetite from investors for these three loans,” added Paul Watson, head of origination at Blend Network.
“It demonstrates the deep trust they have in the Blend Network team and our efficient and effective underwriting.
“We are building a strong pipeline of deals for this year, with further good news imminent.
“Thanks to all our brokers, borrowers, professionals and investors who continue to support our journey.”