Funding 365 completes £1.1m bridge for auction

It was a nine-month loan at 60% LTV.

Funding 365 completes £1.1m bridge for auction

Funding 365 has completed a £1.1m unregulated bridging loan at 0.59% to enable a borrower to complete their auction purchase of a house in North London.

The townhouse property was in good condition and tenanted, so Funding 365 was able to provide the fully serviced nine month loan at 60% loan-to-value (LTV).

The team worked closely with the introducing broker, SPF Private Clients.

Jonathan Brooks, senior underwriter at Funding 365, said: “We only advertise interest rates that we’re happy to write, so it’s very satisfying to be able to provide yet another borrower with our 0.59% per month interest rate.

“Thanks to Laura and Nancy at SPF Private Clients for introducing the deal and ensuring a smooth process.”

Laura Toke, broker at SPF Private Clients, added: “I approached Funding 365 for this auction purchase as the client needed a loan of £1.1m and they were able to offer a really competitive rate of 0.59% per month.

“They only had a few weeks before the contractual completion date and I was really impressed at how quick and professional the team were to get the deal over the line within the auction timeframes.

“Funding 365 are a pleasure to deal with and I look forward to working with them in the future.”