Partnership Agreement Announced: Relendex Links up with BBB for £15 Million Deal
Relendex, a leading player in the UK's housing market, has announced a significant partnership with the British Business Bank. This partnership aims to drive growth across the UK housing sector, with a focus on delivering high-quality homes, including affordable housing.
The funds for this partnership will be managed by Farringdon Portfolio Ltd, an appointed representative of Relendex. The British Business Bank has committed £15m for the partnership, and Relendex has already originated approximately £200m in loans to date.
Under the partnership, the British Business Bank will invest up to 25% in every eligible loan to SME housebuilders and developers. This co-investment framework will provide tailored, flexible finance to these businesses, aiming to strengthen Relendex's capacity to provide finance to SME housebuilders.
Paul Sonabend, chairman of Relendex, expressed his anticipation for the rapid expansion of the company over the next few years. He also stated that Relendex aspires to expand the reach and impact of its lending program with this partnership.
The partnership does not disclose the duration or conditions of the investment, but it does not impose any geographical limitations for the SME housebuilders or developers. This means that the partnership can potentially support housing projects across the UK.
It is important to note that this partnership does not involve Relendex's partnership with Barings or the private credit fund. Further information about this partnership is not provided in this announcement.
In conclusion, the partnership between Relendex and the British Business Bank is a significant step towards boosting the UK housing sector. With the British Business Bank's investment and Relendex's expertise, the partnership aims to deliver high-quality homes, including affordable housing, to more people across the UK.
