Relendex secures £72m funding from US investor

A minimum of £3m per month will be provided by the US-based investor to fund loans secured on property in England and Wales.

Relendex said the partnership would allow it to lend up to £10m per project and that it was increasingly confident of achieving its lending target of £100m in 2019.

“The new partnership is even more gratifying as it was only achieved after an intensive period of due diligence into Relendex’s underwriting and lending practices,” it said.

“This should be a source of great comfort to the lenders on the platform.”

Validation of systems

Earlier this year chief operating officer Max Lehrain outlined the firm’s growth plans and explained its approach to the projects it will invest in.

This includes smaller conversions, ecological developments and modular housing, rather than marquee projects.

CEO Michael Lynn said this latest backing was a step change in the business.

“This investment is a validation of the six years hard work that has gone into building a company that can make a significant difference to the funding of UK property,” he said.

Commercial director Paul Sonabend added: “This new partnership is an enormous boost to our whole team.

“It means that our other lenders can invest with us in confidence, knowing that the systems we have put into place to evaluate and protect their investments meet the most exacting standards.”