Funding 365 launches flexible 3 year property loan range
Funding 365 has today announced the launch of two innovative 3 year loan products, designed to be the solution for borrowers looking for highly bespoke property loans for a longer term than a bridge.
The new Flexible 3 Year and Bridge to 3 Year products offer a unique level of customisability as the level of pay rates vs retained rates can be tailored to suit the yield of the borrower’s property.
Pay rates start at just 3M LIBOR + 3.45% per annum, with retained interest between 1-3% per annum (depending on security type, LTV, loan size, borrower credit profile and desired pay rate). Loans can be up to £3m in size and have a maximum LTV of 75%.
An 8 month bridge from 7.49% per annum included in the Bridge to 3 Year product gives even more flexibility to borrowers, allowing them the opportunity to exit within that timeframe with no ERCs.
Accepted securities include a wide range of residential (including HMO), semi-commercial and commercial buildings across England and Wales. Unregulated deals only.
Borrowers with adverse credit will also be considered.
As with all of Funding 365’s loans these new products are available to all brokers, who are encouraged to call Funding 365’s underwriters directly for more information and quick decisions.
Funding 365 Managing Director, Mike Strange comments:
“Our research found that brokers and borrowers did not have enough choice in the mid-term property finance market, especially in scenarios where the loans would be secured against commercial and specialist properties. Our new 3 year property loans will provide unrivalled solutions to borrowers who are seeking longer term and more tailored solutions than currently exist in the bridging market”.