Funding 365 slashes bridging rates to 0.59 percent residential and 0.69 percent commercial Fast bridging lender Funding 365 has today announced that it has reduced the starting interest rates for its residential bridging to 0.59% per month and commercial bridging to 0.69% per month. These pricing levels apply to loans up to 60% and 75% LTV respectively. Higher residential LTVs are available at a higher interest rate. Standard charges are a 2% arrangement fee plus valuation and legal fees at market rate, with no ERCs or exit fees. Funding 365’s core bridging loans can be used for the purposes of purchasing, refurbishing or refinancing properties, exiting development loans and short term cash flow for terms of up to 18 months. Accepted securities include a wide variety of residential investment, commercial and semi-commercial properties across England and Wales. Funding 365 Marketing Director, Laura Kendall comments, “Each of our loans is entirely bespoke, but we publish product guidelines in order to be as transparent as possible. Recently we found that we were writing terms with interest rates that were lower than our guides, so it was time for an overhaul of these to reflect our appetite.” Funding 365 Managing Director, Mike Strange adds, “These reduced rates solidify our position within the leading pack of bridging lenders in terms of price. In combination with our unique service and unparalleled speed we believe that this makes us the leading lender for bespoke bridging finance.”

Funding 365 launches flexible 3 year property loan products Funding 365 has today announced the launch of two innovative 3 year loan products, designed to be the solution for borrowers looking for highly bespoke property loans for a longer term than a bridge. The new Flexible 3 Year and Bridge to 3 Year products offer a unique level of customisability as the level of pay rates vs retained rates can be tailored to suit the yield of the borrower’s property. Pay rates start at just 3M LIBOR + 3.45% per annum, with retained interest between 1-3% per annum (depending on security type, LTV, loan size, borrower credit profile and desired pay rate). Loans can be up to £3m in size and have a maximum LTV of 75%. An 8 month bridge from 7.49% per annum included in the Bridge to 3 Year product gives even more flexibility to borrowers, allowing them the opportunity to exit within that timeframe with no ERCs. Accepted securities include a wide range of residential (including HMO), semi-commercial and commercial buildings across England and Wales. Unregulated deals only. Borrowers with adverse credit will also be considered. As with all of Funding 365’s loans these new products are available to all brokers, who are encouraged to call Funding 365’s underwriters directly for more information and quick decisions. Visit www.funding-365.com/products for transparent product guides. Funding 365 Managing Director, Mike Strange comments, “Our research found that brokers and borrowers did not have enough choice in the mid-term property finance market, especially in scenarios where the loans would be secured against commercial and specialist properties. Our new 3 year property loans will provide unrivalled solutions to borrowers who are seeking longer term and more tailored solutions than currently exist in the bridging market”.

Funding 365 delivers £1.1million auction finance at 0.59pcm Funding 365 has completed yet another unregulated bridging loan at 0.59% per month, this time to enable a borrower to complete their auction purchase of a house in North London. The townhouse property was in good condition and tenanted, so Funding 365 was able to provide the fully-serviced 9 month loan at 60% LTV. The team at Funding 365 worked closely with the introducing broker, SPF Private Clients, to ensure that the client’s auction deadline was met with time to spare. Funding 365 does not charge exit fees or ERCs on any of its bridging loans. All products, rates and fees can be viewed at www.funding-365.com/products Funding 365 Senior Underwriter, Jonathan Brooks, comments, “We only advertise interest rates that we’re happy to write, so it’s very satisfying to be able to provide yet another borrower with our 0.59% per month interest rate. Thanks to Laura and Nancy at SPF Private Clients for introducing the deal and ensuring a smooth process.” Laura Toke, Broker at SPF Private Clients, adds, “I approached Funding 365 for this auction purchase as the client needed a loan of £1.1million and they were able to offer a really competitive rate of 0.59% per month. They only had a few weeks before the contractual completion date and I was really impressed at how quick and professional the team were to get the deal over the line within the auction timeframes. Funding 365 are a pleasure to deal with and I look forward to working with them in the future.”

Funding 365 releases enhanced flexible 3 year range Funding 365 has today announced that it has simplified and improved its Flexible 3 Year and Bridge to 3 Year property loan offerings. The bespoke loans, which can be secured against commercial, semi-commercial and residential (including HMO) properties in England and Wales, are designed to be tailored in terms of pay rate vs retained rate to suit the yield of the borrowers’ properties. Interest rates now start at 6.74% per annum with a minimum pay rate of 4.5%. Funding 365 have also extended the maximum length of the bridging term which can be included in the Bridge to 3 Year product from 8 months to 12 months, in order to provide borrowers with greater scope to be able to exit the loan without any early repayment charges. The starting interest rate of these bridging terms has also been reduced from 7.49% per annum to 7.25%. Read the full story here: https://bridgingloandirectory.co.uk/bridging-finance/funding-365-launches-enhanced-flexible-3-year-property-loan-range/

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: https://bridgingandcommercial.co.uk/article/16708/funding-365-receives-larger-cbils-allocation-from-british-business-bank

Funding 365 adds two hires to its graduate scheme Funding 365 has recruited two new members for its graduate scheme this summer to enhance its underwriting and marketing teams. Underwriter, Henry Mason, joins with a 2:1 in Economics from University of Bath. Sales & Marketing Executive, Chris Alldridge, graduated with a 2:1 in English from University of Bristol. Funding 365 launched its graduate scheme in 2016 in order to bring new talent into the short term finance industry and train new team members to its unique way of working Read the full story here: https://bridgingandcommercial.co.uk/article/17423/funding-365-adds-new-hires-to-graduate-scheme

Funding 365 Delivers £3.2m 75 percent LTV finish & exit facility Funding 365 has executed a £3.2 million 75% LTV finish and exit loan at a rate of 0.78% per month - with no admin or exit fees - to complete the development of 14 new build houses in Lincolnshire. The 12 month facility, introduced by Adelpha Capital, frees up cashflow for the experienced developer to begin work on their next development project whilst they complete and market their existing one. The 3 and 4 bed houses are at varying degrees of completion, from shell condition through to almost finished. Funding 365’s expert underwriters worked closely with all parties to craft the highly tailored solution, delivering £2.2 million on day one and £900,000 in further advances. This finish and exit loan is one of the many uses for Funding 365's versatile Light Development product, which offers bespoke funding solutions of up to £5 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees. All of their simple, transparent products can be viewed on their website www.funding-365.com/products Read the full story here: https://www.developmentfinancetoday.co.uk/article-desc-8914_Funding%20365%20completes%20%C2%A33.2m%20finish%20and%20exit%20facility%20for%20Lincolnshire%20residential%20development

Funding 365 expands team with new Underwriter Bridging lender Funding 365 today welcomes another Underwriter to its team to enable it to continue providing its fast, bespoke service despite a huge increase in enquiries in 2016. Bridging lender Funding 365 today welcomes another Underwriter to its team to enable it to continue providing its fast, bespoke service despite a huge increase in enquiries in 2016. Calum Waite is a Business Economics graduate with a unique combination of experience in mortgage underwriting, the building trade and property refurbishment. Previously Calum worked at Gopher Money where his responsibilities included managing all property valuations and improving servicing operations. Calum comments,“I’m thrilled to be joining Funding 365’s underwriting team and to assist in its growth. It’s really exciting to be part of such a dynamic company in this fast paced industry.” Funding 365 Managing Director, Mike Strange comments,“Calum will add further depth to our underwriting team which will ensure that our high standards of service are maintained for our broker partners.”

Funding 365 unveils new bridging and refurbishment loan rates Funding 365 has revised its loan products in response to securing a new funding facility exceeding £200m from a global investment bank. This update introduces competitive interest rates for its residential bridging and light refurbishment loans. The new rates for residential bridging loans begin at 0.74% per month for up to 65% loan to value (LTV), 0.79% for up to 70% LTV, and 0.84% for up to 75% LTV, associated with a 1.5% broker commission. Alternatively, rates of 0.79% for up to 65% LTV, 0.84% for up to 70% LTV, and 0.89% for up to 75% LTV are available with a 2% broker commission. Highlighting its straightforward approach, Funding 365 points out the absence of administrative, exit, or early repayment charges in these products. The only additional costs are a standard 2% arrangement fee and legal and valuation fees at market rate. Eligible loans, ranging from £200,000 to £5m, are offered for periods of three to 24 months, secured against a variety of residential properties in England and Wales. The residential bridging loan is suitable for development exit and auction finance, while the light refurbishment loan supports internal decoration, loft conversions, and conversion to residential or HMO, financing up to 40% of the initial open market value. For more information, property finance professionals can visit Funding 365’s website or contact their underwriting team directly. Paul Weitzkorn, director at Funding 365, said: “Our new bridging and refurbishment interest rates move us into the same ballpark as the specialist banks, which is a highly compelling proposition when coupled with our award-winning, personal service and speed of execution. “We encourage all brokers and borrowers to speak directly to one of our mandated underwriters for bespoke terms within just one hour.”

AOBP Lender Bulletin: How can we improve the bridging industry? I think it is fair to say that everyone involved in bridging finance would view the progress of the industry over the last 24 months with some satisfaction and pride. We have seen loan volumes double over this period, interest rates converging closer to mainstream rates and an ongoing professionalisation of the offering and practices across the industry. However, instead of resting on our laurels, I believe that it is essential that we all continue to analyse the industry, to agree what could be improved and to execute these changes as rapidly as possible. Some of these changes should improve the perception of the bridging industry. Other changes may reduce the likelihood of regulatory intervention, which - without ongoing change and removal of some of the sharp practices we have all heard of - looks increasingly likely. So, here are a few of the areas that I believe that all bridging industry participants should be aware of and continually work to improve: 1. Efficient conveyancing Borrowers are all too often let down by the lawyers they choose to assist them, as they do not always act with the speed that bridging finance typically requires. An ideal solution could be that the key industry associations (AOBP, NACFB, ASTL) agree and publish a list of vetted law firms which lenders / introducers can point borrowers towards. 2. Transparency I believe that the procuration fees paid by lenders to introducers should be fully and clearly disclosed to borrowers. This is already the case in the regulated mortgage industry and is a practice that should be universally adopted. The lack of this information provides a borrower with an incomplete picture regarding whether his introducer is truly competitive and acting purely in the borrower’s best interest. Where this doubt exists, borrowers will never truly trust the introducer or the lender, which clearly does not help promote growth of our industry. 2. The best deal for the borrower The objective for all should be to ensure that borrowers get the best possible bridging finance for the situation in question. I believe that this can only be achieved if introducers approach multiple lenders to request their best possible terms. It is not clear to me that the borrower gets the best offer where an introducer simply obtains one loan proposal (from the lender who pays him the best proc fee perhaps - call me cynical). Some introducers in the market are satisfied with simply getting one loan quote and presenting this as the “best”. Given that Funding 365’s interest rates are cheaper than almost all of the non-bank bridging companies, unless you ask for a quote from us (amongst other quotes) – you truly don’t know if you have the best proposal or not. If we all pull towards achieving the above, the result will be better execution of bridging loans, lower levels of regulatory concern and most importantly, the best overall deal for borrowers. This fact pattern should ensure that the bridging finance industry continues to thrive and expand. Mike Strange Director, Funding 365 Limited michael.strange@funding-365.com

Funding 365 completes £6.5m development exit bridging loan Funding 365 has completed a £6.5 million bridging loan at 70% LTV to refinance two apartment blocks in Maidenhead. The 9 month loan, introduced by West Rock Capital, enables the developer borrower to exit their development funding and complete the sale of multiple units. Funding 365 took security over 33 apartments across the two blocks, one of which was a ground up build and the other a conversion from an office building. The team delivered the loan in less than a month in order to hit the refinance deadline. The loan is under Funding 365’s versatile Residential Bridge product, which offers bespoke solutions of up to £10 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees.

Funding 365 secures £200m funding facility Funding 365 has completed an additional funding line of over £200m with a global investment bank. The new facility is aimed to boost Funding 365’s lending capabilities alongside its other institutional lines and in-house funds across unregulated residential, semi-commercial, and refurbishment bridging loans. The bridging and development lender will retain its principal-led funding model, enabling it to continue underwriting in-house. Mike Strange, director at funding 365 comments (pictured above), commented: “Our new facility will allow us to significantly readjust our interest rates across our residential and refurbishment products — watch this space.”