Funding 365 has today announced that it has simplified and improved its Flexible 3 Year and Bridge to 3 Year property loan offerings.
The bespoke loans, which can be secured against commercial, semi-commercial and residential (including HMO) properties in England and Wales, are designed to be tailored in terms of pay rate vs retained rate to suit the yield of the borrowers’ properties. Interest rates now start at 6.74% per annum with a minimum pay rate of 4.5%.
Funding 365 have also extended the maximum length of the bridging term which can be included in the Bridge to 3 Year product from 8 months to 12 months, in order to provide borrowers with greater scope to be able to exit the loan without any early repayment charges. The starting interest rate of these bridging terms has also been reduced from 7.49% per annum to 7.25%.
Their flexible 3 year products, which were only launched in September 2019, contributed to Funding 365’s stellar year of growth which saw them completing deals with 61% more brokers than in 2018.
As with all of their products, Flexible 3 Year and Bridge to 3 Year product guides can be compared on Funding 365’s website www.funding-365.com/products and brokers are encouraged to speak directly to decision-making underwriters for more information, bespoke terms and commission of 2%.
Mike Strange, Managing Director at Funding 365 comments,:
“We’ve had a fantastic reaction from brokers to our new 3 year products, but we’re always looking at how we can improve our offerings. We’ve managed to sharpen the pricing and simplify the products whilst at the same time increase the flexibility in terms of payment options. We believe that for those looking for highly bespoke and keenly priced solutions for longer term projects on a wide variety of properties, our 3 year property loans cannot be beaten.”