Funding 365 has reduced its short-term lending prices, with residential bridging and new light refurbishment fixes starting at 0.74% a month at up to 65% loan to value.
The specialist lender adds its residential bridging and new light refurbishment fixes begin at 0.79% up to 70% LTV and start at 0.84% up to 75% LTV, with a 1.5% broker commission.
It points out that, for a 2% broker commission interest rates begin at 0.79% up to 65% LTV, at 0.84% up to 70% LTV and at 0.89% up to 75% LTV.
These unregulated products do not carry administration fees, exit fees or early repayment charges.
There is a standard 2% arrangement fee, plus legal and valuation fees at market rate.
Loan sizes range between £200,000 and £5m and span three to 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 offer include internal decoration, loft conversion and conversion to residential/houses in multiple occupation, with funded cost of works up to 40% of the day one open market value.
Funding 365 director Paul Weitzkorn says: “Our new bridging and refurbishment interest rates move us into the same ballpark as the specialist banks, which is a highly compelling proposition.
“We encourage all brokers and borrowers to speak directly to one of our mandated underwriters for bespoke terms within just one hour.”
Last week, the lender said it had secured a £200m funding line from an unnamed global investment bank.
