Prime residential bridge

Prime residential bridging loan

From 0.65 % pcm interest rate

Key product criteria

Short lease bridging loans
Minimum loan size £200,000
Maximum loan size 1 £2,000,000
Maximum gross LTV 2 50%
Minimum term 3 months
Maximum term 12 months
1.Larger loan sizes will be considered upon application.
2.Gross LTV is calculated using the gross loan amount divided by the lower of the purchase price and valuation. Valuation is typically the OMV, 
although other measures may be used on a case-by-case basis.

Product rates and fees

Interest rate (per month) 3 From 0.65%
Arrangement fee 2%
Procuration fee 1.50% to 1.75%
Valuation fee 4 At cost, provided upon application
Legal fees 5 At cost, provided upon application
Exit fee None
Early repayment charge None
Interest rebate on early repayment Yes (subject to 3 months’ minimum interest)
3. Interest shall be deducted from the Gross Loan Amount upfront.
4. Valuation fee is required upfront.
5. Legal fee will be deducted from the loan amount. Your lawyer will be required to provide our lawyer with an undertaking to pay all legal fees in full.

Product characteristics

  • First charge only
  • Unregulated loans only
  • Properties in England and Wales only
  • UK nationals and limited companies only
  • Residential investment property only
  • Solid credit profile (3 years minimum)
  • Completed properties only – no development
  • Credible exit strategy required

Permitted uses for product

  • Buying or re-financing BTL property quickly
  • Buying BTL property at auction               
  • Short term cash flow requirements
  • Light & medium property refurbishment 6
6 Light & medium property refurbishment is defined as no structural, conversion or extension work (internal or external) and no planning permission requirements.

Prohibited uses for product

  • Property deemed to be in multiple occupation
  • Owner occupied property               
  • Refinance of    a bridging loan
  • Commercial or agricultural property
This does not constitute an offer of financing. Heads of Terms and Loan Agreements will be provided by Funding 365 Limited on a case-by-case basis. Funding 365 Limited reserves the right to amend, suspend or terminate this product at any time and without notice.
YOUR PROPERTY MAY BE AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Download
Share by: