The £700,000 loan will step up to 1.15% per month from month 7 and has an exit fee of 1.15%, plus a standard 2% arrangement fee and legal and valuation fees at market rate.

In line with all of Funding 365’s transparent products, this loan has no admin fees or early redemption charges (subject to a minimum 3 month term) and interest is rebated on a daily basis for any loans repaid early.

For more information on Funding 365’s Stepped Rate Bridge product, which features rates starting at just 0.39% per month, visit www.funding-365.com/stepped-rate-bridging-loan or speak to a Funding 365 underwriter directly on 0800 689 0650 or underwriting@funding-365.com

Prim Kambhato, Underwriter at Funding 365, explains, “Our Stepped Rate Bridge product is particularly popular with developers nearing the end of their sales process. While it still provides the reassurance of a full 12 month term, borrowers benefit from a lower rate if they are able to exit sooner. In this case, our security is the last remaining unit in a multi-plot development and our borrower already has a purchase offer, so they are confident of an early redemption.”