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Funding 365 launches short lease bridging product

by: Carmen Reichman
  • 23/11/2016
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Funding 365 launches short lease bridging product
Bridging lender Funding 365 has launched a specialist bridging product designed to finance purchases of residential investment properties with short remaining lease terms.

The product will finance properties with terms of between 10 and 70 years as well as lease extensions.

Loans will be available up to 70% loan to value for terms of three to 12 months, with interest rates starting at 0.99% per month.

The product comes with a 2% arrangement fee but has no early redemption charges or exit fees. Funding 365 said it wanted to fill a gap in the short-term lending market and had developed the product after consulting its brokers.

Sales director Paul Weitzkorn, who joined the firm in September, said: “Funding 365 has always worked with its broker partners to develop bespoke financing solutions for complex and non-standard scenarios. Now, our commitment to lend on short leases and fund lease extension provides borrowers with flexibility in a world where lease extension timing can be uncertain.”

Director Mike Strange added: “Launching this new short lease product also demonstrates Funding 365’s flexibility in financing unusual or complicated property transactions.”

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