Mike Strange

Funding 365 enters development finance market

Bridging lender Funding 365 has today (3rd August) expanded into development finance with the launch of its flexible light development product.

The offering — which features interest rates from 0.79% per month — enables borrowers to carry out property conversions and heavy refurbishments, or to finish and exit their existing development projects.

The customisable product will allow for up to 75% LTV on day one, with up to 100% of cost of works funded in arrears.

Eligible loans will be between £200,000 and £3m in size and secured against properties in England and Wales for up to 24 months.

Clients can decide how to structure their loans in relation to the number of advances required, and whether to shape the loans with or without exit fees.

Borrowers with adverse credit or limited experience will also be considered.

“We’re extremely excited about the launch of this development product for our brokers and borrowers,” said Mike Strange, Managing Director at Funding 365 (pictured above).

“Developers are seeking affordable finance for their projects with a minimum of fuss — which is where Funding 365 comes to the fore. 

“Our new light development product offers clients a highly competitive, flexible funding option with the speed and service for which Funding 365 is known.”

The lender has also confirmed post-lockdown interest rates for its bridging products from 0.59% per month for residential investment properties, and 0.69% per month for commercial properties — with LTVs of up to 75%.

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