Fixed rates start from 0.69% per month under revised terms
Bridging and development lender Funding 365 has restructured its Light Refurbishment and Heavy Refurbishment ranges, introducing rolled interest rates that increase day one funds available to borrowers carrying out property improvements, extensions and conversions.
Under the revised Light Refurbishment product, the lender will fund 100% of works costs in tranches, with build costs permitted up to 40% of day one open market value (OMV) and gross loan-to-gross-development-value (LTGDV) capped at 75%. Fixed rates begin at 0.69% per month for loans up to 65% net day one loan-to-value (LTV), rising to 0.79% per month for loans up to 75% net day one LTV.
The Heavy Refurbishment product now funds up to 100% of works costs, with build costs permitted up to 100% of OMV and gross LTGDV again capped at 75%. Fixed rates start at 0.79% per month up to 65% net day one LTV and 0.89% per month up to 75% net day one LTV.
Loan sizes range from £100,000 to £5,000,000 under Light Refurbishment and from £100,000 to £3,000,000 under Heavy Refurbishment, with larger facilities considered individually.
Both products are unregulated, first charge loans available against properties in England and Wales, spanning residential investment stock, semi-commercial premises where the commercial portion accounts for up to 35% of property value, and commercial buildings being converted for residential use.
“These product improvements are a direct response to feedback from our partners,” said Laura Kendall (pictured top), marketing director at Funding 365. “We're delighted to able to add the benefits of higher net LTVs to the highly competitive rates and five-star service that Funding 365 has become synonymous with.
“Expect more product enhancements in the near future, made possible by our recent acquisition and new £300 million funding line. As always, we encourage all brokers to go straight to our dedicated underwriters who aim to deliver bespoke, credit-backed terms within one hour of enquiry.”
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