In today’s ‘online’ world where we all shop online, work online and even invest online with platforms such as Blend Network, we’ve decided on a monthly ‘Did you know’ mini-series where we invite you to know more about us, our story and the people behind Blend Network, the company that you and hundreds of other investors like you trust to invest money with.
In this month’s ‘Did you know’ we share with you the amusing story behind Blend Network. Back in 2015, a French restaurateur made the headiness after forbidding bankers from entering his Paris restaurant when he was refused a loan to expand his successful business. With his gourmet Paris eatery listed in the Michelin Guide and business soaring, the 30-year old successful entrepreneur and owner of Les Ecuries de Richelieu had applied to several banks for a loan; only one bank replied rejecting the loan request without giving any reason. “In 2015, we had our best year, not only in terms of profitability, but also in terms of turnover” said Mr Callet, who subsequently decided to put a sign at the entrance of his restaurant that declared bankers were forbidden entry unless they paid an entrance fee of 70,000 euros, i.e. the amount of the loan he did not get. After seeing the sign outside Mr Callet’s restaurant, Blend Network founder and CEO Yann Murciano, who of course is French and an ex-banker, felt not only deeply insulted but also realised that something was profoundly wrong with banking when a successful entrepreneur was unable to get funding to expand his business. So, this is how Blend Network was conceived to focus on helping investors access yield by investing in property-secured loans and help fund property projects: a marketplace for debt where we connect lenders who want to invest and borrowers who need funding for their projects.
Blend Network launched in mid-2017 and since then we have delivered an average 10.14% return p.a. as of today, 12 March 2021, and 0 loss to hundreds of investors attracted by yield and property-secured loans. So, keep an eye on more loans being listed on www.blendnetwork.com.
Your capital is at risk if you lend to businesses. P2P lending is not covered by the Financial Services Compensation Scheme. Investments are illiquid (the inability to sell assets quickly or without substantial loss in value). Past performance is not a reliable indicator of future results.
Blend Loan Network Limited is an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (FRN. 574048)