Funding 365 Saves auction purchase in 5 days Funding 365 has stepped in at the last minute to deliver a 12 month, £330,000 residential bridging loan to complete the auction purchase of a dilapidated, semi-detached house in London. John Charcol approached Funding 365 on behalf of the client, who had been let down by another lender after contractual completion and with only days left on their notice period. With time in critically short supply, a new source of finance had to be secured to avoid losing the client’s deposit. Funding 365 moved quickly to instruct the surveyor, with an inspection of the property undertaken one day after receiving valuation fees. Despite the nature of the works required to make the property habitable, which included the installation of a new kitchen and bathroom as well as new flooring and windows, Funding 365 delivered a 70% LTV solution just five days after the enquiry was received. The speedy completion benefitted from close communication between the broker, borrower and underwriter on the case. The result was a highly tailored and competitive loan that enabled the client to use £50,000 of their own funds to complete the refurbishment to a high standard in preparation for refinance onto a buy to let mortgage. The loan is under Funding 365’s flexible Residential Bridge product, which offers tailor-made funding solutions of up to £10 million on residential properties in England and Wales, with no admin fees, exit fees or early redemption fees. All of their transparent products can be viewed on their website, www.funding-365.com/products Read the full story here: https://bridgingandcommercial.co.uk/article/17989/funding-365-saves-auction-purchase-with-%C2%A3330000-bridging-loan

Funding 365 announces move into development finance Bridging lender Funding 365 has today announced its expansion into development finance with the launch of its flexible Light Development product featuring interest rates from 0.79% per month. Designed to enable borrowers to carry out property conversions and heavy refurbishments, or to finish and exit their existing development projects, this customisable product will allow for up to 75% LTV day one with up to 100% of cost of works funded in arrears. Eligible loans will be between £200,000 and £3million in size and secured against properties in England and Wales for up to 24 months. Clients can decide how to structure their loans in relation to the number of advances required and whether to structure the loans with or without exit fees. Borrowers with adverse credit or limited experience will also be considered. Read the full story here: https://bridgingloandirectory.co.uk/development-finance/funding-365-enters-development-finance-market/

Funding 365 launches 75 percent LTV stepped rate bridging from 0.59pcm Funding 365 has today launched a new residential bridging product with a stepped interest rate to deliver 75% LTV loans to borrowers at just 0.59% per month for the first 6 months. From month 7 onwards the rate increases to 1.2% per month, up to a maximum of 18 months. Crucially, as with all of Funding 365’s bridging loans, there are no early repayment charges, admin fees or exit fees. The only fees charged are a 2% arrangement fee plus legal and valuation fees at market rate. Eligible loans are £100,000 to £5million in size and secured against residential investment properties in England and Wales. Permitted uses for the product include buying or refinancing residential investment properties, carrying out light to heavy refurbishments, exiting development projects and managing short term cash flow. Visit www.funding-365.com/products for transparent product guides or call Funding 365’s underwriters directly on 0800 689 0650 for more information, quick answers and bespoke terms within just one hour. Paul Weitzkorn, Director at Funding 365 comments, “Delivering the best possible solutions for borrowers is a passion for everyone here at Funding 365, so we’re really excited to be launching this market-leading product. The stepped rate means that borrowers can benefit from 75% LTV bridging at just 0.59% per month for 6 months. And as with all of our bridging loans, we refuse to add any admin or exit fees which can fly under the radar and really add up for borrowers. There are simply no hidden catches to this product.”

Funding 365 reveals new business development manager Fast bridging lender Funding 365 has this week expanded its team with the appointment of Dawn Trustam as Business Development Manager Dawn’s career spans 2 decades in mortgages and bridging at firms including Shawbrook Bank, Barclays Bank, Commercial First Mortgages and Mortgages for Business. Her priorities are to deepen Funding 365’s relationships with its existing broker partners as well as introduce new bridging brokers to its panel. Funding 365 Director, Mike Strange comments, “We’re delighted to be welcoming Dawn to the Funding 365 team. We’ve spent the past year developing Funding 365’s products with our broker partners and we’re confident that we have an unparalleled proposition - honest bridging loans from 0.65%pcm at a speed that cannot be beaten. Now with our team in place we’re ready to service all of the brokers who believe that getting fair, competitive loans for their bridging clients is their top priority.”

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.”

Funding 365 accredited under coronavirus business interruption loan scheme Funding 365 has been accredited as a new lender under the Coronavirus Business Interruption Loan Scheme (CBILS) by the British Business Bank. 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. The scheme enables lenders to provide facilities of up to £5m to smaller business across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. 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. Read the full story here: https://www.mpamag.com/uk/news/general/funding-365-accredited-under-cbils/395483

Funding 365 launches pledge to rebate auction property valuation fees Funding 365 has today pledged to rebate property valuation fees to increase cash flow for borrowers using its bridging products to buy property at auction between 25th January and 30th June 2023. The offer applies to Funding 365’s unregulated, first charge bridging loans up to £10 million in value secured against residential investment, semi-commercial and commercial property in England and Wales for 3-24 months. All of Funding 365’s bridging products can be used to purchase at auction and carry no admin fees, exit fees or early redemption charges. Funding 365’s loans are underwritten on a case-by-case basis. This offer applies to the property valuations instructed by Funding 365 only. The valuation fees must be paid up front as usual by the borrowers and will be rebated in full by Funding 365 within 24 hours of loan completion. Full terms and conditions can be accessed at www.funding-365.com/auction-valuation-fee-rebate-offer Visit www.funding-365.com/products for transparent product guides or speak to a Funding 365 underwriter directly on 0800 689 0650 for more information, quick answers and bespoke, credit-backed terms within just one hour. Head of Underwriting at Funding 365, Calum Waite, comments, “Recent interest rate rises have impacted the housing market and we will see the knock on effect of this on auctions in the coming months, with a squeeze on businesses’ cash flow. We hope that our pledge to rebate auction property valuation fees until the end of Q2 will help to mitigate this and support our property investors and developers to deliver on their plans.”

Funding 365 relocates amid plans to grow team by 25 percent Funding 365 has moved to a larger office in south London as it looks to grow its team. The specialist bridging lender will now be based on the South Bank at 30 Stamford Street, London SE1 9PY, having previously been located in Battersea. Funding 365 said the move was driven by two factors: the general expansion of the firm and its specific hiring policy. The larger office and additional desks give it the opportunity to achieve its aim of increasing the team by 25% within the year. The location and facilities - which include free barista coffee, beer on tap and games such as table football and table tennis - have been chosen to appeal to the graduates that the lender is looking to hire and train up. “We operate differently to other bridging lenders in that our underwriters see loans through from initial enquiry to completion and beyond,” said Michael Strange, Managing Director at Funding 365. “Because of this, we like to train up our underwriters ourselves. Our new space and cutting-edge facilities will allow us to continue to attract, train and retain top-quality talent for years to come.” Calum Waite, a Senior Underwriter at Funding 365, added that the whole team was very happy with the move and its new office perks. “The free beer is a highlight. Plus, the new offices are ideally located for broker meetings.”

Funding 365 promotes Eddie Boakye to Head of Underwriting Funding 365 has today revealed the promotion of Eddie Boakye to Head of Underwriting. Eddie has been an integral member of the Funding 365 underwriting team since 2014 and last year he was also honoured by the wider industry with an ‘Underwriter of the Year’ win at the Bridging & Commercial Awards. As head of Funding 365’s underwriting department Eddie will continue to ensure that Funding 365 retains the extraordinary level of service that they are known for as well as further improve their product offering. The Funding 365’s underwriting team also last week welcomed a new addition in the form of graduate, Tim Plumbridge. Eddie comments, “I am really honoured to be appointed ‘Head of Underwriting’ at Funding 365. I’ve been here for a number of years and have witnessed first-hand a significant rise in all areas of the business. I’m delighted to embark on this new opportunity, and look forward to working with my colleagues and clients to continue the growth and success of Funding 365.” Funding 365 Director, Mike Strange adds, “We’re delighted to have Eddie as our Head of Underwriting. He has been with us since the early days of our company and has been integral to our growth and development. We’re excited about the future with Eddie as a key member of our team.” Eddie can be contacted on eddie.boakye@funding-365.com or 0800 689 0650.

Funding 365 reports record month in October Funding 365 has revealed that October was its biggest month to date, with loan enquiries totalling £203million, up 160% YOY. Their underwriters processed 312 unregulated bridging, light development and 3 year loan applications, up 120% YOY. Stated uses for these loans included residential investment property acquisitions, semi-commercial and commercial property purchases, auction completions, landlord portfolio consolidations, business cash flow requirements, refurbishments, conversions and development exits. Funding 365 doesn’t have a panel of brokers, instead believing that it’s only fair to offer all of their products to all intermediaries. In October, they responded to enquiries from 43 new brokers. Read the full story here: https://www.fiba.org.uk/latest-press-blog/funding-365-reports-record-month-in-october/

Funding 365 Delivers 75 percent LTV bridge at 0.67pcm Funding 365 has delivered a 75% LTV £1.3 million residential bridge at just 0.67% per month to complete the purchase of 8 flats in Winchester. The deal, introduced by Tapton Capital, enabled the borrower to acquire eight two bed flats in need of modernisation. Given the size of the loan and the scope for redevelopment, as well as the client’s breadth of experience and strong credit history, Funding 365 were able to complete the deal at 0.67% per month. These highly competitive terms make it possible for the borrower to use their own funds for internal refurbishment work on all eight flats. The twelve month term of the loan also provides the time necessary to strengthen the tenancies in preparation for exit. The loan is under Funding 365’s flexible Residential Bridge product, which offers tailor-made funding solutions of up to £10 million on residential properties in England and Wales, with no admin fees, exit fees or early redemption fees. All of their transparent products can be viewed on their website, www.funding-365.com/products Read the full story here: https://www.thelandsite.co.uk/articles/funding-365-delivers-75-per-cent-ltv-bridge-at-0-67-per-cent

Funding 365 slashes its commercial bridging rates to 0.85 percent pcm Fast bridging lender Funding 365 has today announced a significant reduction in the starting interest rate for its commercial bridging loan product from 0.99%pcm to 0.85%pcm. The product - which is available to all brokers - is available for 3 to 12 month loans secured against commercial and semi-commercial properties across England and Wales. The product’s loan size range is £100,000 to £5 million+ and the maximum LTV is 65%, although access to higher LTVs may be granted with the provision of additional security. Permitted uses for the product include acquisition of commercial investment property, refinancing of maturing commercial debt, working capital for the business and light property refurbishment. All of Funding 365’s products can be viewed on their website at www.funding-365.com/products Funding 365 Managing Director Mike Strange comments,“We are very pleased to introduce this new rate reduction to ensure that Funding 365 products remain at the cutting edge of the bridging market. With residential investment products from 0.65%pcm and our new commercial rates from 0.85%, we’re very much becoming the first choice bridging lender for many of our broker partners."