Funding 365 delivers £3.2m 75% LTV Finish & Exit loan
Funding 365 has executed a £3.2 million 75% LTV finish and exit loan at a rate of 0.78% per month – with no admin or exit fees – to complete the development of 14 new build houses in Lincolnshire.
The 12 month facility, introduced by Adelpha Capital, frees up cashflow for the experienced developer to begin work on their next development project whilst they complete and market their existing one.
The 3 and 4 bed houses are at varying degrees of completion, from shell condition through to almost finished.
Funding 365’s expert underwriters worked closely with all parties to craft the highly tailored solution, delivering £2.2 million on day one and £900,000 in further advances.
This finish and exit loan is one of the many uses for Funding 365’s versatile Light Development product, which offers bespoke funding solutions of up to £5 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees.
Krisha Karunananthan, Underwriter, Funding 365 said:
“Borrowers requiring finish and exit funding for their part complete projects generally need to access such funds quickly and at rates that don’t threaten their profit margins.
Fulfilling this criteria can be difficult, which is why we encourage brokers to speak to us first. Our principal-led funding model and industry-leading rates mean that we can move quickly to underwrite the best deals.
What’s more, our unique set up whereby our underwriters handle each case from initial enquiry to completion makes us apt to spot effective routes forward that a lot of lenders miss.”
Lucas Velleley, Director, Adelpha Capital added:
“When refinancing an ongoing development, it is crucial to partner with a lender that will deliver on their promises.
Funding 365 exceeded expectations by being commercially minded and working collaboratively through any issues to find a solution.
The team was always proactive and responsive. We were particularly pleased that Funding 365 have been able to accommodate Adelpha Capital’s mezzanine finance facility – allowing us to offer the client a highly bespoke financing solution.”