B&C can exclusively announce that a specialist bridging finance lender has launched a new premium 0.99 per cent buy-to-let bridging loan product.
Funding 365 has launched the new Prestige product for England and Wales with a promise to be “fast, transparent and flexible”.
Director Mike Strange told B&C: “Many bridge loan providers say that they offer a rate of less than 1 per cent, however our highly flexible and nimble approach allows us not only to provide market leading rates of interest, but also to execute loans in a fraction of the time that our competitors can.”
New Premium 0.99 per cent BTL Bridging Loan
Key Product criteria:
- First charge only;
- Properties in England and Wales only;
- Loan sizes from £100,000 to £3 million (although larger loan sizes will be considered);
- Maximum gross LTV: 65 per cent for purchase, 60 per cent for refinance;
- Loan terms from three months to 12 months;
- Adverse credit history accepted;
- Unregulated loans only;
- UK nationals and limited companies only;
- Monthly interest rate of 0.99 per cent (paid monthly or rolled up);
- Arrangement fee is 2 per cent;
- Procuration fee is 1 per cent;
- Valuation and legal fees are required upon application;
- No exit fees or early redemption charges;
- An interest rebate on early repayment (subject to three months’ minimum interest).
Permitted uses for the product are buying or refinancing BTL property quickly, short term cash flow, buying BTL property at auction, and light property refurbishment.
Funding 365 launched in May 2013 with the aim of creating a unique bridging finance provider which responds nimbly to both vanilla and credit-intensive propositions.
The lender was set up by Michael Strange, a founding partner of Chrysalis Capital, with industry veterans Jeff Stolz and Mike Jinn.
Chrysalis Capital Ltd was set up in 2012 to lend to and invest in small companies, with a broad remit across both debt and equity products. In early 2013 it became apparent that bridge financing had particular growth potential, so it was decided that a separate specialist company – Funding 365 - should be set up to focus solely on this.
Over the past six months, the team at Funding 365 has built up a highly diversified portfolio of first and second charge, 3 to 12-month loans secured against residential buy-to-let, commercial and development properties across England and Wales.
Director Profiles
Michael Strange
Prior to setting up Chrysalis Capital, Michael built his career in the structured finance divisions of leading financial institutions including Goldman Sachs and Barclays Capital. Most recently Michael was a director in AnaCap Financial Partners, where he was responsible for the set up and growth of its Credit Opportunities Fund.
Jeff Stolz
Jeff has over 20 years of mortgage lending and structured finance experience in Europe and the United States. As a Managing Director at Rescap, Deutsche Bank and Goldman Sachs he was the head of trading, structuring and origination. He has also held the roles of CEO at DB Mortgages and Money Partners and Director of DB UK Bank.
Mike Jinn
Mike is an experienced senior banker who has been working as originator, structurer and trader in the asset backed securities and structured finance markets since 1990 for financial institutions including Citigroup, Deutsche Bank and Goldman Sachs In New York and London. In his latest role as Global Head of Structured Illiquid Credit Trading at Citigroup, he ran structuring and trading teams operating in London and New York focusing on principal investment activities in structured finance markets.
Alex Mills
Alex's career prior to joining Funding 365 included four years at AnaCap Financial Partners where he was a Director in the private equity team, sourcing and executing deals in the financial services industry across the EU. Before that he was part of the M&A Financial Institutions Group at Nomura, and prior to that the Financial Services department of Ernst & Young.
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