Funding 365 enhances ground up development product

Funding 365 has revamped its ground up development product to deliver facilities with rolled interest rates from 0.74% per month (circa 8.8% per annum) for residential projects across England and Wales.

The product is specifically designed to support small projects, with loans between £250,000 and £3 million.

Interest for 12 month loans start at 0.74% per month up to 60% LTV net day one, 0.79% per month up to 65% LTV net day one and 0.84% per month up to 70% LTV net day one. 18 month terms are also available.

Works are funded in arrears up to 65% LTGDV gross and 85% LTC net. All levels of experience are considered, as are borrowers with adverse credit and foreign nationals with a solid UK credit footprint.

Fees applied are a 2% arrangement fee, a 1% exit fee and legal, valuation and monitoring fees at market rate. 

Mike Strange, director at Funding 365, commented: “Recent improvements to our funding have allowed us to significantly enhance our ground up development offering. We believe that our new low interest rates and rolled interest structure when paired with our award-winning service will provide an extremely compelling proposition to brokers and borrowers alike."