Specialist lender Funding 365 has expanded into ground up property development finance. The firm will cater to residential projects across England and Wales with its tailored financial product, providing loans ranging from £250,000 to £1,500,000.
The newly launched product offers fixed interest rates starting from 0.84% per month, approximately 10% per annum, with a 1% exit fee.
It aims to provide up to 75% loan-to-value (LTV), 65% loan-to-gross development value (LTGDV), and 85% loan-to-cost (LTC).
The product is designed to support small, ground-up and partially completed projects of up to 15 units, with loan periods extending up to 18 months.
First-time developers and a broad variety of residential schemes, including House in Multiple Occupation (HMOs) and holiday lets, will be considered.
Echoing the lender’s customer-focused ethos, Funding 365 encourages both brokers and borrowers to interact directly with its mandated underwriters. This approach aims to offer responsiveness and certainty throughout the loan term.
“We are eagerly looking forward to bringing our quick and personalized approach to the ground up market,” said Mike Strange (pictured), director at Funding 365. “Having refined our product through a trial run, we are confident that it will facilitate success for developers across England and Wales.”
Paul Weitzkorn, director at Funding 365, added to the enthusiasm, stating, “We are thrilled to launch our development product to the entire market. The accolade of Development Finance Lender of the Year awarded by Crystal Specialist Finance during our trial period earlier this year is indicative of the positive reception we anticipate for the product.”
Prospective customers can find detailed product guides on the Funding 365 website.
