Funding 365 has delivered £8m of 75% loan-to-value (LTV) funding at a rate of 0.79% per month to enable an experienced developer to exit their existing facilities across two new build sites in Surrey.
The securities comprise seven houses and nine flats.
Funding 365 tailored the loans to include a £540,000 tranche to bring the LTV back up to 75% once the developer has completed the final three properties, which are wind and water-tight but require internal work.
The funding is under Funding 365’s residential bridge and light development products, which feature interest rates from 0.69% per month.
Joel Mainwood (pictured), Funding 365 underwriter, said: “This is a great example of both our commitment to delivering client-focused solutions and our highly competitive interest rates.
“Loans are always handled by one underwriter from enquiry to redemption at Funding 365, which is why we’re able to deliver flexibility and certainty from day one.
“Our borrower was looking to consolidate their loans and release cash for other business commitments and it was a pleasure collaborating with them to deliver their ideal result.”
