Funding 365 introduces rolled interest rates for refurbishment loans

Funding 365 has introduced rolled interest rates for its light refurbishment and heavy refurbishment products to deliver higher day one funds for borrowers undertaking property improvements, extensions and conversions.

Its revamped light refurbishment product funds 100% of the cost of works in tranches, with build costs up to 40% of the day one open market value (OMV), up to 75% gross LTGDV. Fixed interest rates start at 0.69% per month up to 65% LTV net day one and 0.79% per month up to 75% LTV net day one.

Its heavy refurbishment product funds up to 100% of the cost of works, with build costs up to 100% of the OMV, up to 75% gross LTGDV. Fixed interest rates start at 0.79% per month up to 65% LTV net day one and 0.89% per month up to 75% LTV net day one.

Loan sizes are between £100,000 and £5,000,000 for light refurbishment, and between £100,000 and £3,000,000 for heavy refurbishment. Larger loans are available on a case-by-case basis.

Unregulated, first charge loans can be secured against a wide range of properties in England and Wales across residential investment, semi-commercial (where the commercial element is up to 35% of the property value) and commercial (when being converted to residential).

Laura Kendall (pictured), marketing director at Funding 365, commented: “These product improvements are a direct response to feedback from our partners. We’re delighted to able to add the benefits of higher net LTVs to the highly competitive rates and five star service that Funding 365 has become synonymous with. 

"Expect more product enhancements in the near future, made possible by our recent acquisition and new £300m funding line. As always, we encourage all brokers to go straight to our dedicated underwriters who aim to deliver bespoke, credit-backed terms within one hour of enquiry.”