Funding 365 funds two HMO conversion loans

By Bridging Loan Directory 15th July 2024

Funding 365 has completed two refurbishment bridging loans a week apart for developer Vital Homes to purchase houses in West London and convert them to HMOs.

Introduced by Tapton Capital, the 10-month loans have a combined value of over £700,000 and include tranches to pay for the refurbishment works.

With LTVs of 69% and 70%, both loans carry an interest rate of 0.84% per month with no admin fees, exit fees or ERCs.

The loans, which were managed from start to finish by Krisha Karunanathan, are under Funding 365’s Light Refurbishment Bridge product which features interest from just 0.74% per month and allows for cost of works up to 40% of the day one value.

James Levy, Founder and CEO at Vital Homes, said:

“As an active social impact real estate group of companies we constantly rely on suitably priced, timely and reliable funding in pursuit of our mission to provide high-quality, eco-friendly accommodation to our housing partners at scale.

Funding 365 was superb from start to finish and exceeded our expectations.”

James Lennon, Director at Tapton Capital, added:

“With mounting pressure from the vendors to complete and a previous lender who had let us down, Funding 365 stepped in to compete with their typical minimum of fuss.

These loans are great examples of when all parties work seamlessly together.”