Funding 365 reduces bridging and refurbishment rates

Funding 365 has announced an overhaul of its products following the announcement last week that it has secured a new £200m funding facility from a global investment bank.

Its residential bridging and new light refurbishment products now feature fixed monthly interest rates from 0.74%pm up to 65% LTV, from 0.79%pm up to 70% LTV and from 0.84%pm up to 75% LTV with a 1.5% broker commission.

Alternatively, for a broker commission of 2%, interest rates are from 0.79%pm up to 65% LTV, from 0.84%pm up to 70% LTV and from 0.89% up to 75% LTV.

The unregulated products do not feature any admin fees, exit fees or ERCs, with the only fees charged being a standard 2% arrangement fee plus legal and valuation fees at market rate.

Qualifying loans are sized between £200,000 and £5 million and are secured for between 3 and 24 months against a wide range of residential properties across England and Wales.

Permitted uses for the residential bridging product include development exit and auction finance. Uses for the light refurbishment product include internal decoration, loft conversion and conversion to residential / HMO, with funded cost of works up to 40% of the day one OMV.

Funding 365 director, Paul Weitzkorn, commented: "Our new bridging and refurbishment interest rates move us into the same ballpark as the specialist banks, which is a highly compelling proposition when coupled with our award-winning, personal service and speed of execution. We encourage all brokers and borrowers to speak directly to one of our mandated underwriters for bespoke terms within just one hour.”