Funding 365 delivers 75% LTV bridging loan at 0.67%

By Bridging Loan Directory 20th October 2021

Funding 365 has delivered a 75% LTV £1.3 million residential bridging loan at just 0.67% per month to complete the purchase of 8 flats in Winchester.

The deal, introduced by Tapton Capital, enabled the borrower to acquire eight two bed flats in need of modernisation.

Given the size of the loan and the scope for redevelopment, as well as the client’s breadth of experience and strong credit history, Funding 365 were able to complete the deal at 0.67% per month.

These highly competitive terms make it possible for the borrower to use their own funds for internal refurbishment work on all eight flats.

The twelve month term of the loan also provides the time necessary to strengthen the tenancies in preparation for exit.

The loan is under Funding 365’s flexible Residential Bridge product, which offers tailor-made funding solutions of up to £10 million on residential properties in England and Wales, with no admin fees, exit fees or early redemption fees.

Calum Waite, Head of Underwriting, Funding 365 explains:

“With our principal-led funding we’re able to make quick, credit-backed decisions on loans. When we spot deals with real potential we always try to support them with the best terms possible.

In this case, we were able to go a step further than our advertised rate, offering 0.67% per month with no catches.

It’s this kind of flexibility and determination to get a great deal done that makes Funding 365 unique.

Tapton Capital’s exceptional relationships with their clients made the whole process a pleasure.”

James Lennon, Director, Tapton Capital adds:

“It’s refreshing to work with a lender that is able to step outside of their pricing matrix and ‘sharpen the pencil’ to win a deal over their competitors.

This gave the borrowers confidence, knowing that Funding 365 really wanted to work with them, as well as knowing they had the best combination of pricing and leverage that the market had to offer.”