Funding 365 expands into development finance
Bridging lender Funding 365 has expanded into development finance with the launch of its flexible Light Development product, featuring interest rates from 0.79% per month.
Designed to enable borrowers to carry out property conversions and heavy refurbishments, or to finish and exit their existing development projects, this customisable product will allow for up to 75% loan-to-value (LTV) day one, with up to 100% of cost of works funded in arrears.
Eligible loans will be between £200,000 and £3m in size and secured against properties in England and Wales for up to 24 months.
Clients can decide how to structure their loans in relation to the number of advances required and whether to structure the loans with or without exit fees.
Borrowers with adverse credit or limited experience will also be considered.
Funding 365 has also confirmed post-lockdown interest rates for its bridging products from 0.59% per month for residential investment properties and 0.69% per month for commercial properties, with LTVs up to 75%.
Mike Strange (pictured), managing director at Funding 365, said: “We’re extremely excited about the launch of this development product for our brokers and borrowers.
“Developers are seeking affordable finance for their projects with a minimum of fuss – which is where Funding 365 comes to the fore.
“Our new Light Development product offers clients a highly competitive, flexible funding option with the speed and service for which Funding 365 is known.”