Funding 365 has launched a new product with uses automated valuation model valuations (AVMs) for bridging loans up to £1m.
Designed for residential C3 properties in England and Wales, the first charge, unregulated product features interest rates from 0.79% per month for up to 18 months.
The maximum permitted loan-to-value (LTV) is 55% for refinances, 65% for purchases and 75% for purchases where the property will be refurbished using borrower funds.
Hometrack confidence level of five or higher is required.
Mike Strange (pictured), director of Funding 365, said: “We’re well known for our ability to process bespoke loans at high speed thanks to our streamlined team, principal-led funding and expert partners who share our vision.
“Our new AVM bridge product removes one of the remaining factors which can slow down delivery, providing a valuable option when a fast execution is crucial.”
