Partnership of £15 million between Relendex and BBB is announced
The UK development finance platform, Relendex, has announced a new partnership with the British Business Bank. According to Paul Sonabend, chairman of Relendex, this collaboration aims to drive growth across the UK housing sector.
Under the new partnership, the British Business Bank will invest up to 25% in every eligible loan to SME housebuilders and developers. This investment, amounting to £15m, will be managed by Relendex through its appointed representative, Farringdon Portfolio Ltd.
The partnership is expected to significantly strengthen Relendex's capacity to provide finance to SME housebuilders. With the British Business Bank's support, Relendex can scale up its role in delivering high-quality homes.
Paul Sonabend stated that the company is proud to be working with the British Business Bank. He mentioned that this partnership can contribute to providing affordable housing through its expanded reach and impact. Relendex can play a part in driving growth across the UK housing sector, and with the British Business Bank's investment, it can scale up its role in delivering high-quality homes.
The co-investment framework between the British Business Bank and Relendex will provide tailored, flexible finance to SME housebuilders and developers. The investment will be made on equal terms with all other Relendex investors.
It is worth noting that the management of the committed funds will be handled by Farringdon Portfolio Ltd, an appointed representative of Relendex. However, the person representing the British Business Bank as a partner, according to Paul Sonabend, is not specified in the provided information.
To date, Relendex has originated approximately £200m in loans. This partnership is expected to further boost its capacity to support the UK housing sector.
In conclusion, the partnership between Relendex and the British Business Bank is a significant step towards providing affordable housing and driving growth in the UK housing sector. With the British Business Bank's investment and Relendex's expertise in development finance, the collaboration promises to deliver high-quality homes to SME housebuilders and developers.
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