Funding 365 completes £3.2m deal
Funding 365 has executed a £3.2m 75% loan-to-value (LTV) finish and exit loan at a rate of 0.78% per month, with no admin or exit fees, to complete the development of 14 new-build houses in Lincolnshire.
The 12 month facility, introduced by Adelpha Capital, aims to free up cashflow for the developer to begin work on its next project.
Funding 365’s underwriters delivered £2.2m on day one and £900,000 in further advances.
Krisha Karunananthan (pictured), underwriter at Funding 365, said: “Borrowers requiring finish and exit funding for their part complete projects generally need to access such funds quickly and at rates that don’t threaten their profit margins.
“Fulfilling this criteria can be difficult, which is why we encourage brokers to speak to us first. Our principal-led funding model and industry-leading rates mean that we can move quickly to underwrite the best deals.
“What’s more, our unique set up whereby our underwriters handle each case from initial enquiry to completion makes us apt to spot effective routes forward that a lot of lenders miss.”
Lucas Velleley, capital director of Adelpha, added: “when refinancing an ongoing development, it is crucial to partner with a lender that will deliver on their promises.
“Funding 365 exceeded expectations by being commercially minded and working collaboratively through any issues to find a solution.
“The team was always proactive and responsive. We were particularly pleased that Funding 365 have been able to accommodate Adelpha Capital’s mezzanine finance facility – allowing us to offer the client a highly bespoke financing solution.”