Ashurst advises Blend Network on recent fundraising round

Blend was founded in 2018 with the aim of helping to solve the UK housing crisis by bringing much-needed additional funding capacity to the property market. The process of lending has remained the same since the 1990s and SME and mid-sized property developers have found it difficult to find the right lender and secure finance from established banks, with Blend's focus being on delivering greater liquidity to smaller housebuilders.

The new funding will be deployed to further scale Blend’s loan book, following the company’s recent “Origination-as-a-Service” initiative, which includes full security, transparency, and an enhanced due diligence process carried out on all loans.

Partner Jonathan Cohen led the team with support from senior associate Shaz Ali and associates Rachel Bailey and Calum Thornton.

Jonathan 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."

Yann Murciano, CEO of Blend Network, commented:

“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. 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.”