Funding 365 Delivers £4.75m of Stepped Rate Bridging for Developer
Funding 365 has completed two 75% LTV stepped rate bridging loans with a combined value of £4.75 million to refinance 20 newly developed flats in London and Surrey. Both loans were provided at a rate of 0.55% per month for the first 6 months, stepping up to 1.12% for the remaining 6 months - with no exit fees or other catches.
First Wealth Management approached Funding 365 on behalf of the experienced property developer. Having completed the conversion of two commercial properties into a range of one and two bed apartments, the client needed to refinance their debts on both projects. The units had proven to be highly desirable, with 7 of the properties already reserved by prospective buyers.
Recognising the experience of the developer, the quality of the conversions and the great locations of the apartments, Funding 365’s underwriter moved quickly to craft two bespoke stepped rate bridging loans. They worked closely with all parties to develop part-serviced, part-retained loans with market-leading rates. The result was two highly competitive and transparent solutions that enabled the borrower to sell their properties without taking a big hit to their profit margins.
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