Funding 365 and Arc & Co complete £5.2m bridging loan

By Bridging Loan Directory 12th February 2024

Funding 365 has completed a £5.2 million development exit bridging loan at 68% LTV with a flat rate of 0.8% per month to refinance 8 flats and 1 commercial unit in East London.

The 12 month loan, introduced by Arc & Co, enables the developer borrower to exit their development funding and complete the sale of multiple units.

Additional funds have also been built into the facility to support onward projects.

The team delivered the loan in under 6 weeks, with correspondence throughout Christmas to ensure completion to deadline.

The loan is under Funding 365’s versatile unregulated Residential Bridge product.

With interest starting from just 0.74% per month fixed, it offers bespoke solutions of up to £5 million + secured against properties across England and Wales with no admin fees, exit fees or early redemption charges.

Funding 365 Underwriter, Nick Hogan, comments:

“It’s always satisfying managing a case from enquiry all the way to completion, but even more so when the broker is as collaborative as Tom Berry.

This loan is a great example of our highly competitive interest rates in combination with our personal service.”

Arc & Co Director, Tom Berry, adds:

“I’m delighted to have completed this facility swiftly with Funding 365.

A competitively priced product for our client, which was great to deliver. It’s a pleasure working with Nick, and I look forward to working together again on future transactions.”