A lot's happening in development finance news. From funding for new developments to restructuring of debt (especially since the pandemic) – it's easy to miss out on what’s important.
To help with that, here are some updates you might have missed out on.
Homes England partners with developers to deliver 406 Modern Methods of Construction (MMC) homes
Homes England partnered with Seksui House and Urban Splash to deliver a set of 406 modular homes in Northstowe – a new town in the north of England.
The partnership is the first of its kind. With Homes England putting up £90 million, the Government is signaling its commitment to MMC homes.
Quite a few lenders aren’t comfortable funding MMC homes, so this is big news. Perhaps a sign of things to come?
Blend Network fund their largest loan – in six minutes
Blend Network, a peer-to-peer property finance platform, funded the first tranche of a £2.6 million loan, their largest deal to date.
And they did it all in just six minutes.
The loan was on a development with a combined gross development value (GDV) of £4.6 million.
This news shows the growing popularity of P2P lending, especially in the middle of the market for deals less than £10 million.
Check out our on-demand webinar on alternative finance
I recently joined a webinar with Property Elevator’s own Helen Chorley (who wrote this great post on the advantages of crowdfunding) for a more in-depth chat about alternative finance.
Watch the full webinar below and see what we had to say on the subject – and how you can get started in the space, too.