It launches a customisable product to deliver loans from £250,000 to £1.5 million
Bridging lender Funding 365 has expanded into ground up property development finance with a new customisable product to deliver loans from £250,000 to £1.5 million for residential projects across England and Wales.
With fixed interest rates from 0.84% per month with a 1% exit fee, the product offers up to 75% loan-to-value, 65% loan-to-gross development value, and 85% loan-to-cost.
Designed to fund small ground up and part complete projects of up to 15 units for up to 18 months, first-time developers and most residential schemes, including houses in multiple occupation and holiday lets, will be considered.
“Service is paramount in development finance, so we are looking forward to bringing our speed and personal approach to the ground up market,” Mike Strange (pictured), managing director at Funding 365, said. “Having conducted a trial of this product in order to refine it, we are confident that it will help to deliver success for developers across England and Wales.”
Paul Weitzkorn, director at Funding 365, added that they were delighted to be able to launch the new development product to the whole of the market.
“The fact that we were named development finance lender of the year by Crystal Specialist Finance during our product trial period earlier this year indicates that it will be very well received,” he commented.
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