The offering’s fixed interest rates start from 0.84% per month (circa 10% per annum) with a 1% exit fee and up to 75% LTV, 65% LTGDV and 85% LTC.
The new product is designed to fund small ground-up and part completed projects of up to 15 units for up to 18 months.
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- Merryoaks secures £2.5m loan from Funding 365 for Cardiff residential scheme
- Funding 365 completes £3.2m finish and exit facility for Lincolnshire residential development
First-time developers and most residential schemes — including HMOs and holiday lets — will be considered.
Mike Strange, director at Funding 365 (pictured above), said: “Service is paramount in development finance, so we are looking forward to bringing our speed and personal approach to the ground-up market.
“Having conducted a trial of this product in order to refine it, we are confident that it will help to deliver success for developers.”
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