Funding 365 completes £1.6m commercial bridge in just 3 days Funding 365 has completed yet another bridging loan in just 3 working days, to assist with the purchase of a commercial property with a strict vendor’s completion deadline, after the original lender amended their loan terms. Funding 365 has completed yet another bridging loan in just 3 working days, to assist with the purchase of a commercial property with a strict vendor’s completion deadline, after the original lender amended their loan terms. The security is a commercial unit occupied by a high street bank with a strong tenancy, which also benefits from planning permission to convert the upper floors into residential dwellings. Given the time constraints of the loan an off-panel valuation re-type was accepted. With a strong lease in place and a clear exit route, Funding 365 offered the borrower 72% LTPP at a rate of 0.85%pm. Funding 365 Director, Paul Weitzkorn comments, “We are very pleased that we were able to help the borrower save his purchase under such time pressures. This is just another example of the fast, tailored service that our broker partners have come to appreciate from us.” Alpha Property Finance Partner, Clive Liddelow adds, “The Funding 365 team and their solicitors performed admirably under extreme timing pressures to complete the deal on time and immediately understood the fundamentals and complexities of the deal. Alpha Property Finance together with our new strategic partner, LSH Property Finance, would have no hesitation in using Funding 365 and this form of loan structure again when there is an urgent acquisition deadline.”

Funding 365 launches ground up development product Funding 365 has announced its expansion into ground up property development finance with a customisable product to deliver loans from £250,000 to £1,500,000 for residential projects across England and Wales. With competitive fixed interest rates from 0.84% per month (circa 10% per annum) with 1% exit fee, this product delivers up to 75% LTV, 65% LTGDV, 85% LTC. Designed to fund small ground up and part complete projects of up to 15 units for up to 18 months, first time developers and most residential schemes (including HMOs and holiday lets) will be considered. As with all of its products, Funding 365 encourages brokers and borrowers to speak directly to its mandated underwriters in order to experience a unique responsiveness and certainty throughout the term of the loan. Visit www.funding-365.com/products for transparent product guides or call Funding 365’s underwriters on 0800 689 0650 for more information, quick answers and credit-backed terms. Mike Strange, Director at Funding 365 comments, “Service is paramount in development finance, so we are looking forward to bringing our speed and personal approach to the ground up market. Having conducted a trial of this product in order to refine it, we are confident that it will help to deliver success for developers across England and Wales.“ Paul Weitzkorn, Director at Funding 365 adds, “We are delighted to be able to launch our development product to the whole of the market. The fact that we were named Development Finance Lender of the Year by Crystal Specialist Finance during our product trial period earlier this year indicates that it will be very well received.”

Funding 365 rescues deal with innovative Thirdfort software Funding 365 has saved an unusual commercial bridging deal by employing client onboarding software provided by Thirdfort. The £195,000 bridging loan secured against offices and retail space in the East Midlands was for a corporate borrower with a major shareholder who was sailing a yacht off the coast of Australia. The innovative technology, which Funding 365 has integrated into its underwriting processes, enabled the lender to complete remote, rapid and secure know your customer (KYC), anti-money laundering (AML) and fraud prevention checks on the seafaring shareholder to allow a swift completion of the loan. The intuitive application utilises digital ID checks, facial recognition technology, PEPs and Sanctions screenings and document authentication scans, as well as checks on borrower’s bank accounts facilitated by Open Banking. Read the full story here: https://www.thirdfort.com/resources/funding-365-rescues-deal-with-innovative-thirdfort-software/

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. Read the full story here: https://bridgingandcommercial.co.uk/article/18173/funding-365-closes-two-stepped-rate-bridging-deals-worth-%C2%A3475m

Funding 365s charity gallop raises over £1,250 Fast bridging lender Funding 365 hosted a competitive day at the races at Sandown Racecourse last week, to raise money for Rorys Nepal School Project. The charity is fundraising to re-build schools in remote Nepalese villages which are not yet recovered from the 2015 earthquake. With the help of Funding 365s broker partners and the team at Mortgage Introducer, the event raised over £1,250 for the charity. If you would like to find out more about Rorys Nepal School Project please follow the link here: http://uk.virginmoneygiving.com/team/Letsbuildschools Funding 365 Marketing Director, Laura Kendall comments,It was a great day out to celebrate our broker relationships and raise money for a great charity. We want to say a huge thank you to everyone who attended the event and helped us support such a fantastic cause.

Funding 365 launches new 0.65 percent pcm prime product Fast bridging lender Funding 365 has today announced a new Prime residential bridging loan product that carries a low monthly interest rate of 0.65%. The Prime product is aimed at property investors throughout England and Wales looking to purchase or raise funding against a residential investment property in a short timeframe. The product has no exit fees or early repayment charges and is available up to £2million at a 50% loan to value limit. Funding 365 will pay introducers procuration fees of between 1.5% - 1.75% on eligible loans. Further product information can be found at www.funding-365.com Funding 365 Director, Mike Strange comments,“ We are very pleased to announce the introduction of our Prime product to the market. This product will allow borrowers to access one of the lowest rates available in the bridging market without having to make any sacrifice in terms of speed of execution. Given that this Prime product complements our Commercial product which offers a market leading interest rate of 0.99%pcm, we believe that our broker partners can now view us as not only the fastest bridging provider in the UK, but also amongst the cheapest.”

Funding 365 increases maximum loan term to 18 months Fast bridging lender Funding 365 has today announced the extension of their maximum loan term from 12 to 18 months, in response to demand from their broker partners. This increased loan term will apply to all of their bridging products with the exception of their Short Lease Bridge, which will remain at 12 months. This announcement comes just one month after Funding 365’s decision to officially increase their maximum loan size to £10million, and is part of their move to broaden their offering. Funding 365 Marketing Director, Laura Kendall comments, “At Funding 365 we’re always listening to our broker partners and striving to find new solutions to meet their clients’ needs. We identified longer loans as something that was being requested with increasing frequency. We pride ourselves on being extremely competitive, and with super low rates (from 0.65%pcm for residential and 0.75%pcm up to 70% LTV for commercial properties), plus now loans up to £10million for 18 months, we envisage that 2018 will continue to be a very busy year!”

Funding 365 launches innovative short lease bridging product Funding 365 launches innovative Short Lease bridging product Fast bridging lender Funding 365 has this week released an innovative Short Lease bridging product to fill a gap in the short term lending market. Developed following consultation with brokers, Funding 365’s Short Lease bridging product is targeted specifically at financing the purchase of residential investment properties with short remaining lease terms of between 10 and 70 years. It will also provide financing to allow the purchase of the lease extension once this has been agreed with the property freeholder. Loans under this product are available up to a 70% loan to value ratio for a term from 3 to 12 months. The interest rate on the product starts at 0.99% per month. The product has a 2% arrangement fee, but no early redemption charges or exit fees. Funding 365 Director, Mike Strange comments,“We’re excited to be bringing this new product to the bridging market. Funding 365 is well known for its speed of service and low interest rates. Launching this new Short Lease product also demonstrates Funding 365’s flexibility in financing unusual or complicated property transactions.”” Funding 365 Sales Director, Paul Weitzkorn adds,“Funding 365 has always worked with its broker partners to develop bespoke financing solutions for complex and non-standard scenarios. Now, our commitment to lend on short leases and fund lease extension provides borrowers with flexibility in a world where lease extension timing can be uncertain. We look forward to working with our broker partners on delivering this product to their clients.”

Funding 365 and Adapt complete £3m of complex bridging loans this month Fast bridging lender Funding 365 and award winning short term finance broker. Adapt have together provided borrowers with bridging solutions worth over £3million in less than 4 weeks. Funding 365 have been providing Adapts clients with bridging loans since late 2015 and their relationship is forged through a shared focus on always delivering the best possible solution for the borrower. One of the bridging loans involved both first and second charges secured against a commercial property and strict timings, yet the borrower received a rate of just 0.75% per month. Another loan involved a portfolio of 9 BTL properties in London worth £3.1 million. Funding 365 Marketing Director, Laura Kendall explains,Our working relationship with Adapt feels so natural as they share our core values and our nimble way of working. Ultimately it benefits the borrower when their broker and lender work together to provide the best financial solution in a seamless, pain-free process. Adapt MD, Jordan McBriar adds, Yet again, great work from the whole team at Funding 365, kickstarted with a common sense approach and thorough packaging from Adapt.

Funding 365 reveals reduced commercial bridging rates from 0.75 percent pcm Fast bridging lender Funding 365 has today announced that it has cut the starting interest rate for its commercial bridging loan product from 0.85%pcm to 0.75%pcm. The product - which is available to all brokers - provides 3 to 12 month loans from £100,000 to £5 million+ secured against commercial and semi-commercial properties across England and Wales. The maximum LTV at 0.75%pcm is 60% although higher LTVs will be considered if additional security is provided. Uses for the product include acquisition of commercial or semi-commercial investment properties, refinancing of maturing commercial debt, working capital for a business and light property refurbishment. Eligible commercial properties include (although are not restricted to) retail premises, offices, warehouses, light industrial units and factories. Funding 365 Managing Director, Mike Strange comments,“We believe that borrowers shouldn’t pay over the odds for bridging, so we continuously assess our products to keep them competitive. I’m delighted that we’ve been able to slash our commercial rate in particular as this strengthens our growing reputation as the go-to commercial bridging lender.” Funding 365 Marketing Director, Laura Kendall adds,“With our promise to provide fair bridging finance comes a commitment to offer the most competitive rates that we can - to everyone. This newly enhanced commercial product - like all of our advertised products - is available to all brokers and contains no hidden fees or surprises in the small print.

Funding 365 completes £2.7m development exit bridge in just 3 days Funding 365 has this week completed yet another bridging loan in 3 working days, this time to enable the rapid refinance of a recently converted office to residential block in Slough. The borrower required a new loan so quickly because their multi-million pound development facility was coming to an end but their existing lender was unable to offer an extension to allow for sales or refinancing. The security is a residential block of flats where 50% of the units had been sold with some already tenanted. As timing was critical, one of the Funding 365 directors attended a site visit within 24 hours of the legal undertaking to ensure smooth progression of the loan. With sales looking steady and given the urgency of the deal, Funding 365 completed the loan prior to receipt of a valuation report at a projected 75% gross LTV. Funding 365 Senior Underwriter, Calum Waite comments, “I’m pleased to have played my part in rescuing a client’s project with another multi-million pound 3 day completion. Brokers have total trust in our ability to meet deadlines and know that we are committed to a deal from the moment of instruction. Credit to Adapt finance and both sets of lawyers for their tireless work making sure this case completed in time.” Stephen Burns, part of the Adapt Finance team comments, “When Funding 365 said they’d complete this case in 3 days, as much as I wanted to believe them, I thought it would be tough. Add to that, the security changing more than half a dozen times, it got done and with time to spare. Outstanding in all aspects.”

Funding 365 completes bridging loan in 24 hours Funding 365 has completed a £450,000 residential investment bridging loan in just 1 day to enable a borrower to complete their refurbishment in North West London. The borrower required the funds urgently as they had to cover ongoing costs for the property renovation which they had started a few months previously. Once the refurbishment is complete their plan is to get the property tenanted and exit on to long term financing. Due to the time constraints of the deal, Funding 365 proceeded on a no valuation basis at 0.80%pm. Funding 365 Underwriter, Harry Dick-Cleland comments, “It was exciting to be involved in Funding 365’s fastest ever loan completion, beating our previous record of a weekend. Our unique set up combines a principal led funding model with hands-on directors and a team of underwriters who deliver a cradle-to-grave service. This means that we can be flexible and pragmatic and deliver super rapid completions time and time again.”