Funding 365 has reduced interest rates for its unregulated residential bridge and light refurbishment products, effective immediately for all brokers.
The new rates for both products start at 0.69% per month up to 65% loan-to-value (LTV), 0.74% per month up to 70% LTV, and 0.79% per month up to 75% LTV.
Qualifying loans range between £200,000 and £5m, with larger loans considered on a case-by-case basis.
These loans are secured for periods of three to 24 months against various residential properties across England and Wales.
Semi-commercial properties are also eligible, provided the commercial component does not exceed 30% of the property value.
Permitted uses for the residential bridge product include auction purchases and development exits.
The light refurbishment product can fund internal decoration, loft conversions, and conversions to residential or Houses in Multiple Occupation (HMO), with costs covered up to 40% of the Day One Open Market Value (OMV).
The products feature no admin fees, exit fees, or early repayment charges, with only a standard 2% arrangement fee along with legal and valuation fees at market rate.
Mike Strange (pictured), director at Funding 365, said: “These new interest rates keep us at the sharp end of unregulated bridging.
“In an industry where you typically have to choose between rate and outstanding service, our clients can be confident of both.”
