The borrower required the funds urgently as they had to cover ongoing costs for the property renovation which they had started a few months previously. Once the refurbishment is complete their plan is to get the property tenanted and exit on to long term financing.
Funding 365 has completed a £450,000 residential investment bridging loan in just 24 hours to enable a borrower to complete their refurbishment in North West London.
The borrower required the funds urgently as they had to cover ongoing costs for the property renovation which they had started a few months previously. Once the refurbishment is complete their plan is to get the property tenanted and exit on to long term financing.
Due to the time constraints of the deal, Funding 365 completed the loan with no valuation at 0.80%pm.
Harry Dick-Cleland (pictured), Funding 365 underwriter, said: “It was exciting to be involved in Funding 365’s fastest ever loan completion, beating our previous record of a weekend.
“Our unique set up combines a principal led funding model with hands-on directors and a team of underwriters who deliver a cradle-to-grave service. This means that we can be flexible and pragmatic and deliver super rapid completions time and time again.”
