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 announces new sales director Fast bridging lender Funding 365 this week welcomes Paul Weitzkorn to its team as Sales Director. Paul joins from Goldman Sachs, where he was Head of European Mortgage Sales, managing the team responsible for residential and commercial secured products. At Funding 365 he will be responsible for leading sales and intermediary relationships and will be working closely with Dawn Trustam as Business Development Manager. Paul will also be investing in the company alongside the existing directors. Paul comments,“I’ve watched with interest the success that Mike, Jeff and Mike have created in building up Funding 365. Bridging is a dynamic space to be in right now and I’m excited to be joining the team and applying my experience to the industry. I very much look forward to meeting with brokers and packagers - old and new - over the coming months.” Funding 365 Director, Mike Strange comments,“I and the other directors at Funding 365 have known Paul for a long time. I worked with him at Goldman Sachs and Barclays Capital, Jeff Stolz worked with him at Goldman Sachs and Deutsche Bank, and Mike Jinn worked with him at Deutsche Bank. He’s an incredible professional as well as a great guy and we’re delighted to have persuaded him to join us. Watch this space!” Paul can be contacted on paul.weitzkorn@funding-365.com or 0800 689 0650.

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 £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 365 expands into Northern Ireland Specialist property lender, Funding 365, has today announced the launch of its residential bridging proposition for Northern Ireland. Developer and landlord borrowers looking for funding for residential properties in Northern Ireland can now take advantage of interest rates from 0.84% per month and LTVs up to 65%, delivered with Funding 365’s award-winning service and speed. The new product caters for unregulated loans from £100,000 to £2 million in size, for terms up to 18 months. Permitted uses for the loans include buying or refinancing residential property, light to medium property refurbishment, development exit and short term business cash flow. A transparent product guide can be viewed on Funding 365’s website www.funding-365.com/northern-ireland and its decision-making underwriters and directors can be reached directly on 0800 689 0650 or underwriting@funding-365.com Funding 365’s Northern Irish Managing Director, Michael Strange, will be in Belfast next week to meet with brokers, borrowers, lawyers and valuers and encourages anyone keen to meet face-to-face to give him a call on 0800 689 0650. Funding 365 Managing Director, Michael Strange, comments, “I was born and raised in County Antrim, so a move into funding Northern Irish property has always been in our sights. I am delighted to be able to officially launch this product following a successful soft launch. We are looking forward to getting to know more Northern Irish property professionals and to delivering our highly competitive solutions for this underserved region.”

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 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.”

CONSTRUCTION OF 3 HOUSES CASE STUDY £910,000 0.73% PM + 1% EXIT 60% LTV / 59% LTGDV / 85% LTC The brief Our solution Underwriter quote The underwriter assigned to the case moved quickly to establish a reasonable timeline for completing the builds and getting them refinanced. With these points taken into account, we delivered a 12-month loan, containing £690,000 for further drawdowns. Our client required funding to refinance debt held over a dilapidated bungalow in Surrey. The original lender had planned to fund the works to demolish this property and construct three terraced houses. However, due to slowdowns in the discharge of pre-commencement conditions, the loan term had come to an end. With these issues resolved, a new development facility needed to be secured quickly. It was great to work with an experienced developer to help in realising their vision. I'm excited to see these properties completed and look forward to working with this client going forward. BACK TO PROJECTS BACK TO PROJECTS

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.”

The brief Our solution Underwriter quote This was the client's first project so it was important that we crafted a straight forward loan, which we were able to do at our headline rate in just a couple of weeks. We delivered £210,742 in 2 further advances to ensure that the client could complete a high-quality conversion and realise the full potential of the asset. The client sought funds to convert a commercial property in Berkshire, England, into 3 modern apartments, whilst retaining the commercial unit on the ground floor. Although they are inexperienced, the borrower's vision for this site shows real promise. Our simple and efficient way of working gave the client the confidence and resources necessary to achieve a great result. BACK TO PROJECTS £392,500 65% LTV 0.69% PER MONTH SHOP CONVERSION INTO MIXED USE PROPERTY CASE STUDY

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 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.