Funding 365 reports record month in October
Funding 365 has revealed that October was its biggest month to date, with loan enquiries totalling £203million, up 160% YOY.
Their underwriters processed 312 unregulated bridging, light development and 3 year loan applications, up 120% YOY.
Stated uses for these loans included residential investment property acquisitions, semi-commercial and commercial property purchases, auction completions, landlord portfolio consolidations, business cash flow requirements, refurbishments, conversions and development exits.
Funding 365 doesn’t have a panel of brokers, instead believing that it’s only fair to offer all of their products to all intermediaries. In October, they responded to enquiries from 43 new brokers.
As the second lockdown comes into force today in England, Funding 365 has confirmed that they will be lending as usual.
Brokers and borrowers are encouraged to call their underwriters directly on their usual direct lines or the main company phone number of 0800 689 0650 for quick decisions and bespoke terms within just one hour.
Funding 365 recently launched a Stepped Rate 75% LTV Residential Bridging product which features a 0.59%pm rate for the initial 6 months and no exit fees.
Just prior to that they launched a highly competitive Light Development product aimed at enabling property developers to take quick advantage of the latest PDR, planning and stamp duty changes.
Mike Strange, pictured, Managing Director at Funding 365 says:
“This is really positive news, indicating that the property market is recovering well after the first lockdown.
Following Robert Jenrick’s confirmation on Monday that the housing market would be allowed to continue operating (provided that it follows the Covid safety guidance), I’m optimistic that any disruption to the industry this time will be minimal.”