Funding 365 completes £6.5m development exit bridging loan
Funding 365 has completed a £6.5 million bridging loan at 70% LTV to refinance two apartment blocks in Maidenhead.
The 9 month loan, introduced by West Rock Capital, enables the developer borrower to exit their development funding and complete the sale of multiple units.
Funding 365 took security over 33 apartments across the two blocks, one of which was a ground up build and the other a conversion from an office building. The team delivered the loan in less than a month in order to hit the refinance deadline.
The loan is under Funding 365’s versatile Residential Bridge product, which offers bespoke solutions of up to £10 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees.