Blend Network sees demand from developers ‘despite ongoing economic uncertainty’.
Peer-to-peer property lending platform Blend Network has announced two hires as it bids to boost its regional lending to small property developers.
The London-based firm said the moves were part of its plans to “aggressively expand its lending team and scale its origination arm” following a £10m fundraising in December.
Blend lends between £150,000 and £3m to small-and-medium-sized property developers for office to residential conversions, refurbishments and new builds across the UK, with a focus on the north of England.
It has hired Daniel Netzer, who joins as lending manager, with a 10-year track record that includes working across residential and commercial property sales and distressed assets. he began his career as a research analyst at Marble Bar Asset Management.
Morgan Sparrow also joins the firm as a lending associate, bringing marketing and sales experience after working for property recruitment consultant firm GKR.
The business says its sees high demand for loans from developers, despite a slowing UK economy dogged by Brexit uncertainty.
Blend chief executive Yann Murciano said: “We are delighted to welcome Daniel and Morgan to our growing lending team. Despite ongoing economic uncertainty, we continue to see incredible demand from very experienced property developers who are looking to build more affordable homes in high-growth pockets across the country.”
He added: “Yet unfortunately most high-street banks have been retrenching from development finance, leaving those small-and-medium-sized property developers under-serviced.”
The group’s fundraising last year included such notable investors as Cyrus Ardalan, Chairman of OakNorth Bank and Ctigroup Global Markets as well as Jean-Phillippe Blochet, co-founder of leading macro hedge-fund Brevan Howard.