Fixed monthly interest rates now start from 0.74%
Bridging lender Funding 365 has repriced its residential bridging and new light refurbishment products, which now feature fixed monthly interest rates from 0.74% up to 65% loan-to-value (LTV), from 0.79% up to 70% LTV, and from 0.84% up to 75% LTV.
The products come with a 1.5% broker commission. Alternatively, for a broker commission of 2%, monthly interest rates are from 0.79% up to 65% LTV, from 0.84% up to 70% LTV, and from 0.89% up to 75% LTV.
The unregulated products do not have any admin fees, exit fees, or early repayment charges, with the only fees charged being a standard 2% arrangement fee plus legal and valuation fees at market rate.
Qualifying loans are sized between £200,000 and £5 million and are secured for between three and 24 months against a range of residential properties across England and Wales.
Permitted uses for the residential bridging product include development exit and auction finance. Uses for the light refurbishment product include internal decoration, loft conversion, and conversion to residential or house in multiple occupation, with funded cost of works up to 40% of the Day One open market value.
Full details of all rates, including those that were recently reduced, can be found online.
Funding 365’s latest product reprice followed last week’s announcement that it had completed an additional funding line of over £200 million with a global investment bank.
“Our new bridging and refurbishment interest rates move us into the same ballpark as the specialist banks, which is a highly compelling proposition when coupled with our award-winning, personal service and speed of execution,” commented Paul Weitzkorn (pictured), director at Funding 365. “We encourage all brokers and borrowers to speak directly to one of our mandated underwriters for bespoke terms within just one hour.”
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