Funding 365 cuts light development rates to 0.64% per month

By Bridging Loan Directory 19th May 2021

Funding 365 has today announced rate reductions to its popular Light Development product. Interest now starts at 0.64% per month up to 65% LTV and 0.69% per month up to 75% LTV, with even further reductions for larger loans on a case-by-case basis.

This flexible product allows for up to 100% cost of works funded in arrears and can include additional drawdown options for potential future planning permissions. It carries no admin fees, exit fees or ERCs.

Funding 365’s Light Development loans range from £200,000 to £3million for up to 24 months.

They can be secured against most types of properties in England and Wales, across residential (including HMO), semi-commercial and commercial (when being converted to residential).

These loans can be used for a wide variety of purposes including heavy refurbishments, conversions, PDR schemes and finish and exits.

All of Funding 365’s product guides can be reviewed on its website www.funding-365.com/products and brokers are encouraged to speak directly to its decision-making underwriters for more information, tailored terms and commission from 1.5%.

Mike Strange Managing Director, Funding 365 says:

“As the restrictions of the pandemic are easing we’ve been able to negotiate reductions in our cost of funding. We think it’s only fair to pass this on to our borrowers.

With no admin or exit fees to bump up our prices, plus credit-backed terms within one hour, there really are no catches to sending bridging and light development enquiries to our underwriters.”