It relaunched its property funding platform last month and has now completed a £700,000 deal.

The loan was for a new-build residential apartment block in Newquay. Developers needed a 12-month term to repay the facility when the apartments next year.

The income-producing development auction was secured against nine units in a 15-apartment block. It was oversubscribed by investors by £150,000.

Founder and CEO of Relendex, Michael Lynn, said that they received the deal on 5thNovember; it was posted on 11th November, and the loan was closed on 20th November.

Successful investors in the loan auction received an average interest rate of 8.8 per cent and was serviced at an LTV rate of 52 per cent,

There are many other loans in the pipeline for the platform, a number of new lots listed on the Relendex Live Marketplace. Loans range from one year to five years across its four different risk bands.

B&C had previously reported that the platform was seemingly on the brink of failure having not been able to attain full funding for its first advertised loan deal. However, the platform isback on track having completed its first loan and launching four new lots on its online platform.

Relendex launched in April 2012 as the “first peer-to-peer lending exchange” for commercial property loans with an aim of raising £250 million of funding.

For its launch, Relendex had taken on ex-astl CEO Adrian Bloomfield on an advisory basis. The lender had also announced that it had appointed Mirabaud Securities, one of Switzerland’s oldest and most well-regarded private banks, to raise up to £250 million from private and institutional lenders to invest in commercial property loans via its online exchange platform.

Michael added: “We now have strong appetite and support and have gained that momentum. We’ve got some indications from a number of lenders and have strong relationships with a number of investors, HNW individuals and a couple of investment companies. This first loan is only the start for Relendex as we go from strength-to-strength.”

Relendex now has over 500 registered investors .