Funding 365 cuts bridging loan rates

Funding 365 has today confirmed a cut in interest rates for its unregulated Residential Bridge and Light Refurbishment products, which are available to all brokers with immediate effect.

Both products now feature monthly interest rates from 0.69%pm up to 65% LTV, from 0.74%pm up to 70% LTV and from 0.79%pm up to 75% LTV.

Qualifying loans are sized between £200,000 and £5 million (larger on a case-by-case basis) and are secured for between 3 and 24 months against a wide range of residential properties across England and Wales.

Semi-commercial properties are also considered under these products, where the commercial element is up to 30% of the property value.

Permitted uses for the Residential Bridge product include auction purchase and development exit.

Uses for the Light Refurbishment product include internal decoration, loft conversion and conversion to residential / HMO, with funded cost of works up to 40% of the Day One OMV.

These transparent products feature zero admin fees, exit fees or ERCs, with the only fees charged being a standard 2% arrangement fee plus legal and valuation fees at market rate.

Mike Strange, Director, Funding 365, comments:

“These new interest rates keep us at the sharp end of unregulated bridging.

In an industry where you typically have to choose between rate and outstanding service, our clients can be confident of both.”