Relendex increases maximum loan size to hit lending target

The lender said that this represents a significant step towards hitting its lending target of £100m in the next calendar year.

Loans will be available across the bridging, redevelopment and new-build residential sectors as well as commercial and industrial assets where circumstances allow.

Michael Lynn, CEO of Relendex, said its lending target is three times the total it has lent to date and showed how quickly and effectively the business was growing.

He added: “We remain focused on the traditional property underwriting values that have allowed us to grow to this point and pride ourselves on our competitive terms, efficient and flexible processes as well as direct access to decision makers for borrowers.

“The UK housing crisis presents a real opportunity for property developers and house builders, as long as they have access to finance.”

Speaking to Specialist Lending Solutions in August, chief operating officer Max Lehrain said the firm takes a cautious approach to the projects it will invest in, not wanting to be caught up in expensive marquee developments.

Instead it would rather be funding a smaller conversion into a house of multiple occupation (HMO) or multiple units.

It also likes working with experienced developers and SME builders where there is a level of confidence in how the project will play out.