Funding 365 has revamped its Stepped Rate Bridge loan, starting at an interest rate of 0.39% per month for the first six months.
The rate increases to 1.15% per month from months seven to 12, with an exit fee of 1.15%.
These rates are for loans up to 65% LTV, but loans up to 75% loan-to-value (LTV) are available with a starting rate of 0.49% per month for the first six months.
This product is aimed at property purchase, refinance, refurbishment, and development exit.
Mike Strange (pictured), director at Funding 365, said: “Our market-leading Stepped Rate Bridge product is a great option for those clients who would benefit from a lower initial interest rate and / or who believe that they will be able to exit their loan early.
“This makes it particularly suited to landlords who are looking to purchase investment property before finding tenants and exiting on to a buy-to-let mortgage, or developers who are looking to exit their development funding and are already in the process of selling their properties.”
