Property development focused platform Relendex is aiming to hit £100m of lending next year.
Peer-to-peer (P2P) property lender Relendex has secured a partnership with a global institutional investor worth a minimum of £72m over 2 years.
Relendex will be provided with a minimum of £3m per month to invest in loans secured on property in England and Wales, the firms says.
The institutional partner, whose name has not been disclosed, will fund Relendex’s lending to developers up to £10m per project.
The platform says it is increasingly confident of achieving its lending target of £100m in 2019 following the news.
Michael Lynn, CEO of Relendex described the backing as "a step change in our business and a fantastic endorsement of the Relendex proposition".
“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.”
Relendex closed a rights issue and a round of financing from new investors last year at a £6m valuation as well as launching its Innovative Finance ISA (IFISA).
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