Funding 365 Completes Short Lease Bridging Loan in Just 3 Days
Funding 365 has completed yet another bridging loan in just 3 days, this time to save the purchase of a property with only 37 years remaining on the lease.
The loan, which was introduced by specialist property finance broker Top 10 Finance, was required urgently by the borrower to complete the auction purchase of a flat in North West London. Given the time constraints, Funding 365 waived the valuation on this occasion.
Funding 365’s Short Lease bridging product has been designed to fill a gap in the market, for properties with 10 - 70 years remaining on the lease. Interest rates for this product start at 0.99%pcm, up to 70% LTV (100% with additional security).
Funding 365 Director, Paul Weitzkorn comments, ”Funding 365 is known for its speed and service, but in bridging finance no-one operates in a silo and we couldn’t work at the speed that we do without our exceptional partners; our lawyers, surveyors and brokers. On this deal it’s to our lawyers’ credit that the client’s lawyer commented, “absolutely brilliant… to do this in three days is just incredible”.
Top 10 Finance Director, Zara McDermott adds, “I’ve worked with Funding 365 on dozens of bridging deals over the years and I always have complete confidence that they will work with me to deliver for my clients, even on deals with such tight turnaround times.”