Funding 365 delivers 0.59% auction finance

By Bridging Loan Directory 21st October 2019

Funding 365 has delivered yet another unregulated bridging loan at an interest rate of 0.59% per month, this time to enable a borrower to complete their auction purchase of a house in North London.

The townhouse property was in good condition and tenanted, so Funding 365 was able to provide the £1.1 million, fully-serviced 9 month loan at 60% LTV.

The team at Funding 365 worked closely with the introducing broker, SPF Private Clients, to ensure that the client’s auction deadline was met with time to spare.

Funding 365 does not charge exit fees or ERCs on any of its bridging loans.

Funding 365 Senior Underwriter, Jonathan Brooks, comments:

“We only advertise interest rates that we’re happy to write, so it’s very satisfying to be able to provide yet another borrower with our 0.59% per month interest rate. Thanks to Laura and Nancy at SPF Private Clients for introducing the deal and ensuring a smooth process.”

Laura Toke, Broker at SPF Private Clients, adds:

“I approached Funding 365 for this auction purchase as the client needed a loan of £1.1 million and they were able to offer a really competitive rate of 0.59% per month. They only had a few weeks before the contractual completion date and I was really impressed at how quick and professional the team were to get the deal over the line within the auction timeframes. Funding 365 are a pleasure to deal with and I look forward to working with them in the future.”