Funding 365 receives increased CBILS Allocation from the British Business Bank
Funding 365 has been approved for an increased CBILS allocation by the British Business Bank, following strong demand from borrowers.
Terms issued by the lender under the scheme to date have ranged from development exit loans for new build flats in Basingstoke and conversions in Harrogate, to refinance bridges for portfolio landlords in London.
Delivered through British Business Bank accredited lenders, CBILS is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak.
Under the scheme, Funding 365 will provide unregulated bridging loans up to 65% LTV for up to 24 months. These loans will be secured on a first charge basis against residential properties in England and Wales.
For approved loans under CBILS the Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges. The borrower remains 100% liable for the debt.
Read the full story here: