Funding 365 cuts bridging rates following funding deal

The cuts mean that its residential bridging and new light refurbishment products have fixed rates starting at 0.74 per cent up to 65 per cent loan-to-value (LTV), from 0.79 per cent up to 70 per cent LTV and from 0.84 per cent up to 75 per cent LTV.

These rates come with a broker commission of 1.5 per cent, though there are rates available with a broker commission of two per cent, with rates starting at 0.79 per cent up to 65 per cent LTV.

The products do not include any admin fees, exit fees or early repayment charges.

The qualifying loans are available between £200,000 and £5m, and can be secured on terms of between three and 24 months in England and Wales.

The rate revamp comes after Funding 365 last week announced securing a new £200 million plus funding facility from a global investment bank.

Paul Weitzkorn, director of Funding 365, said the new interest rates move it into the “same ballpark as the specialist banks”.

He continued: “We encourage all brokers and borrowers to speak directly to one of our mandated underwriters for bespoke terms within just one hour.”