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Funding 365 reduces rates for residential and commercial bridging

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  • 23/05/2019
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Funding 365 reduces rates for residential and commercial bridging
Funding 365 has cut its rates for residential and commercial bridging to 0.59 per cent and 0.69 per cent per month respectively.

 

These pricing levels apply to loans up to 60 per cent and 75 per cent loan to value (LTV) respectively.

Higher residential LTVs are available at a higher interest rate.

Standard charges are a two per cent arrangement fee plus valuation and legal fees at market rate, with no early repayment charges (ERCs) or exit fees.

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.

Funding 365 marketing director Laura Kendall, said: “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 managing director Mike Strange, added that these reduced rates solidified its position within the leading pack of bridging lenders in terms of price.

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