Blend Network secures £120 million funding round

Specialised development finance lender Blend Network has secured £120 million in funding, to further support mid-size property developers in the UK

Blend plans to put its latest funding round towards further scale of its loan book, following the company’s recent “Origination-as-a-Service” initiative, which includes full security, transparency, and enhanced due diligence process across all loans.

Global law firm Ashurst advised Blend on this transaction, as well as on the recent equity investment round.

With longstanding investment from companies including Brevan Howard, OakNorth Bank and Publicis Groupe, Blend Network has been looking to solve the UK housing crisis by bringing additional funding capacity to the property market since its formation in 2018.

The Proptech aims to help alleviate the national housing shortage by delivering greater liquidity to smaller housebuilders, with lending volumes doubling annually since 2019.

Developer-focused solutions, such as a 6-months free extension on loans, has meant that Blend is able to support borrowers at every stage of their process.

What’s more, the network recorded zero loss on loans, even at the height of the pandemic.

A report from the Home Builders Federation report has cast doubt on the UK Government’s pledge to build 300,000 new homes annually by the mid-2020s, due to post-COVID financial strain, demonstrating the need for new sources of funding for property development beyond traditional lenders.

“Obtaining a record £120 million committed funding line from such a respected group of family offices is a landmark moment for us, and illustrates how much progress we have made as a business in a relatively short time and how our funding is now much more focused on institutional investors,” said Yann Murciano, CEO of Blend Network.

“This fresh funding line will allow us to not only boost our origination capability significantly, but also widen the breadth of services that we offer property brokers to assist them in sourcing attractive lending opportunities.

“Overall, it allows us to offer greater support to help mid-sized residential property developers across the UK boost their lending capacity, which will in turn make a greater contribution to solving the country’s housing crisis.”

Jonathan Cohen, partner at Ashurst, commented: “We really enjoyed supporting the Blend team scale up and raise funds to put them in the position where they have successfully secured this committed capital, and we look forward to working alongside them in the next phase of Blend’s exciting growth.”


Five examples of Proptech innovation — This article will explore five examples of innovation that have been initiated by the Proptech sector to disrupt the real estate space.

Why lending market digitalisation is a leapfrog moment for UK housebuilding — Yann Murciano, CEO of P2P property lending platform Blend Network, discusses digitalisation of the lending market being a leapfrog moment for UK housebuilding.

Avatar photo

Aaron Hurst

Aaron Hurst is Information Age's senior reporter, providing news and features around the hottest trends across the tech industry.