Funding 365 launches 3 year products
Funding 365 has launched two 3-year products, the Flexible 3 Year and Bridge to 3 Year.
These products hope to offer customisability as the level of pay rates compared to retained rates can be tailored to suit the yield of the borrower’s property.
Loans can be up to £3m in size and have a maximum LTV of 75%.
Mike Strange, (pictured) Funding 365 managing director, said: “Our research found that brokers and borrowers did not have enough choice in the mid-term property finance market, especially in scenarios where the loans would be secured against commercial and specialist properties.
“Our new 3-year property loans will provide unrivalled solutions to borrowers who are seeking longer term and more tailored solutions than currently exist in the bridging market.”
An eight-month bridge from 7.49% per annum included in the Bridge to 3 Year product hopes to provide flexibility to borrowers, allowing them the opportunity to exit within that timeframe with no ERCs.
Accepted securities include a wide range of residential including HMO, semi-commercial and commercial buildings across England and Wales for unregulated deals only.