Interest rates now starts at 0.64% per month up to 65% LTV and 0.69% per month up to 75% LTV, with further reductions for larger loans on a case-by-case basis.
The product offers between £200,000 and £3m for up to 24 months, with no admin or exit fees and ERCs.
It is available for heavy refurbishments, conversions, PDR schemes and finish and exits, and can be secured against most types of property in England and Wales, across residential (including HMO), semi-commercial and commercial (when being converted to residential).
- A broker's trusted track record with a developer can lead to more 'bullish' terms
- Funding 365 cuts rates on light development loans
- Funding 365 enters development finance market
The light development range allows for up to 100% cost of works funded in arrears and can include additional drawdown options for potential future planning permissions.
“As the restrictions of the pandemic are easing, we’ve been able to negotiate reductions in our cost of funding,” said Mike Strange, managing director at Funding 365 (pictured above).
“We think it’s only fair to pass this on to our borrowers.”