Funding 365 enhances ground up development product
Rates for 12-month loans start at 0.74% per month up to 60% loan-to-value (LTV) net on day one, 0.79% up to 65% LTV and 0.84% up to 70% LTV.
Funding 365 has enhanced its ground-up development product with rolled interest rates starting from 0.74% per month, or about 8.8% a year.
The product offers loans of between £250,000 and £3m for residential projects across England and Wales.
Rates for 12-month loans start at 0.74% per month up to 60% loan-to-value (LTV) net on day one, 0.79% up to 65% LTV and 0.84% up to 70% LTV.
Terms of 18 months are also available.
Works are funded in arrears up to 65% loan-to-gross development value (LTGDV) and 85% loan-to-cost (LTC).
Funding 365 will consider applicants with all levels of experience, adverse credit and foreign nationals with an established UK credit record.
The product carries a 2% arrangement fee and a 1% exit fee.
Legal, valuation and monitoring fees are charged at market rates.
Mike Strange (pictured), director at Funding 365, said: “Recent improvements to our funding have allowed us to significantly enhance our ground up development offering.
“We believe that our new low interest rates and rolled interest structure when paired with our award-winning service will provide an extremely compelling proposition to brokers and borrowers alike.”
Related
Albatross Lending Group refreshes refurbishment range with eight products
Paragon Development Finance surpasses £125m in care home funding
Bridging and development lending completions fall 15.2% in Q2 – BDLA
CapitAll Finance joins the BDLA
Salboy enters BTR market with plans for 2,000 homes
Albatross Lending Group joins the BDLA
HTB promotes Josh Swaby to lending manager
EXCLUSIVE: Hope Capital launches Max GDV bridging product
Octane Capital relaunches specialist BTL product
ModaMortgages launches limited edition BTL range
Foundation launches BTL products and cuts residential rates
