Funding 365 cuts bridging rates
Bridging lender Funding 365 has reduced the starting interest rates for its residential bridging to 0.59% per month and commercial bridging to 0.69% per month.
These pricing levels apply to loans up to 60% and 75% loan-to-value respectively. Higher residential LTVs are available at a higher interest rate. Standard charges are a 2% arrangement fee plus valuation and legal fees at market rate, with no ERCs or exit fees.
Mike Strange, (pictured) Funding 365 managing director, said: “These reduced rates solidify our position within the leading pack of bridging lenders in terms of price.
“In combination with our unique service and unparalleled speed we believe that this makes us the leading lender for bespoke bridging finance.”
Laura Kendall, Funding 365 marketing director, added: “Each of our loans is entirely bespoke, but we publish product guidelines in order to be as transparent as possible.
“Recently we found that we were writing terms with interest rates that were lower than our guides, so it was time for an overhaul of our rates to reflect our appetite.”
Funding 365’s core bridging loans can be used for the purposes of purchasing, refurbishing or refinancing properties, exiting development loans and short-term cash flow for terms of up to 18 months.
Accepted securities include a wide variety of residential investment, commercial and semi-commercial properties across England and Wales.