Mix has secured a brand new funding line price in extra of £50m from an unnamed institutional investor.
The specialist improvement finance lender will use the funding so as to add extra bridging merchandise to help its property developer base.
“At Mix, we have now the urge for food to help high quality builders in all market situations,” mentioned Yann Murciano, chief govt of Mix.
“We admire many builders have confronted a difficult market atmosphere over the previous 18 months. Consequently, gross sales have been gradual and exits have taken longer than initially anticipated and deliberate.
“Many builders we converse to have had their improvement mortgage services expired and are beneath elevated strain from their lender who’re experiencing lender fatigue.
“We’re eager to help these builders by stepping in to assist them carry their initiatives to some extent the place they will obtain their gross sales targets as a substitute of getting to promote at a reduction or settle for any supply simply to exit.”
The brand new funding line comes after Mix reported a document quarter of lending. Over the last three months of 2023, the platform funded quite a lot of property improvement schemes together with a conversion of a Grade II listed property into three residential items in Saffron Walden, and the event of 14 residences in Devon.
Learn extra: Mix hires new lending director
“At Mix, we’ve constructed a repute for being a through-the-cycle lender, a lender who perceive the event course of and the challenges that include it,” added Murciano.
“So, we’ve constructed a product that solutions the wants of builders, and we’re very enthusiastic about this new institutional funding line that’ll improve our dry energy to proceed supporting builders.”
The brand new institutional funding line will sit alongside Mix’s present cohort of institutional and household workplace buyers. In April 2022, Mix secured a £120m funding line from a consortium of household places of work, which it mentioned it might use to scale its loanbook.
Learn extra: Improvement Finance: Foundations for the long run