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  • Funding 365 announces move into development finance

    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 added to Bridging Loan Directory

    Funding 365 added to Bridging Loan Directory Funding 365 has this week become the latest bridging finance provider to join Bridging Loan Directory. Established in 2013 by ex-investment bankers, Funding 365 is the fast-growing lender with integrity who’s shaking up the bridging industry. Valued by its broker partners for its honest, highly-competitive products, friendly service and unparalleled processing speed, Funding 365 provides 3 to 12 month bridging loans secured against residential investment and commercial properties across England and Wales. Interest rates start at just 0.65% per month for residential properties and 0.99% for commercial properties, with no mortgage acceptance fees, exit fees or early repayment fees. Visit www.bridgingloandirectory.co.uk to find out more. Funding 365 Marketing Director, Laura Kendall comments, “Funding 365 had a hugely successful 2015 and we’re confident that the added exposure from Bridging Loan Directory will help us grow our market share even further in 2016. We look forward to developing relationships with even more brokers who believe that getting fair, competitive loans for their bridging clients is their top priority.”

  • Contact | Call Now for Award Winning Bridging Loans | Funding 365

    First Name Last Name Email Phone Message Submit Thanks for submitting! MESSAGE US LOAN APPLICATION FORM Please complete the form and return it via email to underwriting@funding-365.com Email us Write to us contact@funding-365.com Funding 365 Limited, 30 Stamford Street, London, SE1 9PY. Start a conversation Send us a message on Twitter or LinkedIn WhatsApp us +447360 536122 Talk to us 0800 689 0650 CONTACT US WE'D LOVE TO HEAR FROM YOU Speak directly to one of our award-winning underwriters for more information, a quick indication or credit-backed terms in just one hour. TALK TO US EMAIL US 0800 689 0650 contact@funding-365.com WRITE TO US Funding 365 Limited, 30 Stamford Street, London, SE1 9PY WHATSAPP US 07360 536122 CONTACT US WE'D LOVE TO HEAR FROM YOU LOAN APPLICATION FORM START A CONVERSATION Send us a message on Twitter or LinkedIn

  • Funding 365 Delivers £3.2m 75 percent LTV finish & exit facility

    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 completes £6.5m development exit bridging loan

    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.

  • The new bridging lender survival guide

    The new bridging lender survival guide As Funding 365 is now approaching its first anniversary it seems an appropriate time to reflect upon the various things that we’ve learnt over the past year. Clearly we have learnt a lot... for example, the world remains big enough for airplanes to vanish without trace; Alex Ferguson is (probably literally) worth his weight in gold; the US Government has access to everything we say and write (although, after watching Enemy of the State in 1998, we already knew that). Whilst all of these things are interesting, our first year in the bridging sector has also taught us some invaluable business lessons. As we are a generous lot at Funding 365, we thought we would put these down to share with other new entrants to the bridging sector (or to any incumbents who may have found themselves suffering from the growing pains that are inevitable when part of a rapidly growing sector). Below is the resulting Funding 365 survival guide for new bridging lenders. 1. Know your competitive strength When making your first steps into the bridging market it’s hard to know exactly what your strengths and weaknesses are compared to the incumbent lenders. In the early days of Funding 365 we had several demoralising conversations with brokers (who shall remain nameless) where they said, “we have 100 lenders, we use about 5 - I don’t think we need another lender”. Needless to say, within six months these same brokers were banging down our door because in actual fact they did need another lender; they needed one who offered super fast execution. It became clear to us from that point forward that the Funding 365 set up (by luck more than by design, quite honestly) allowed us to offer significantly faster execution than that offered by other lenders in the market. This was our competitive advantage and it has allowed us to capture a decent share of the market in our first year. Your organisation may have a competitive advantage in being more aggressive on HMOs, or more attracted to properties in Scotland / Northern Ireland / ex-London & South East, or perhaps you’re happier with commercial property than other lenders. You need to find out what your competitive advantage could be, focus on it, nurture it and market it. 2. Understand your funding constraints and originate accordingly Whilst there are a handful of banks operating in the bridging space, bridging lenders are predominantly privately-funded organisations. Some organisations are funded by a few private individuals, some by accessing family offices and small investment funds and some have been bought out and funded by private equity sponsors. Understanding your funding constraints is the single most important thing that any financial institution should worry about. It’s not just about the quantum of potential funding that you have access to; it’s the quality of the funding and its flexibility that really matters. For example, why did Northern Rock, Bradford & Bingley and HBOS all get into trouble? If your answer is, “they were writing bad mortgages”, you would be wrong, massively wrong (and almost seven years after the start of the crisis, even broadsheet papers (excluding the FT) are still feeding the populace this nonsense). Northern Rock et al. got into trouble because they did not have appropriate focus on their funding sources versus the liabilities they were incurring. To be more specific, they had an over-reliance on the securitisation and covered bond market which, when these markets closed (due to losses arising on US sub-prime mortgage bonds), left them unable to fund their existing commitments to borrowers. The proof that the mortgage quality was pretty good is contained in the fact that the Northern Rock ‘bad bank’ has been profitable ever since it was created (which confounded many journalists who bought into the myth of poor asset quality). In the bridging sector, things are (thankfully) somewhat more straightforward. You need to understand what your funders are happy for you to originate, where they will be flexible and where they will not, and the timescales that you will have to operate under to receive funding. Since Funding 365’s funding is 100% controlled by its management team (who are also the credit committee), we can agree amongst ourselves whether we like a loan or not and therefore make decisions instantly (well, sometimes after a hot cup of coffee and a hotter debate). We do not need to strictly adhere to a matrix of LTVs or live by mantras such as, “we will never bridge a bridge”. Ideally, you should only attempt to originate loans that you know your funders will accept without debate. If your funders delay approval of a particular loan or (as happens all too frequently) refuse to fund it at the last minute, this will sound a death knell for your relationship with the respective introducer and the borrower. Given that this is a small industry, word travels quickly and this failure will soon be known by everyone in the market. 3. Work with brokers who can be a long term partner Our first year of business taught us that there are highly reputable and professional brokers / introducers / packagers (in Funding 365 we call them our ‘Broker Partners’) and those who are purely out for a fast buck and will not be a reliable long term business partner. I like the saying, “you can shear a sheep many times but skin it only once”, which is a mantra that some brokers would do well to learn and live by. How do you develop a relationship with a broker partner? Like finding a wife / girlfriend, I am sure there are many ways to do this. You could throw money at the problem (Russian style) by paying the highest proc fees in the market; you could wine, dine and charm your targets (French style); or you could just market your strengths and try to find a broker who is looking for a lender with this particular strength (let’s call this the match.com approach). Whilst I don’t believe there are any shortcuts to achieving this particular objective, it is a fundamental one. If you don’t garner strong broker partner relationships, you risk finding yourself used as a stalking horse and only able to execute deals that other lenders don’t want to touch. 4. Ensure execution is stellar Having targeted your strengths, lined up your funding and found your broker partners, it’s time to do what you said you could do. For example, if you said that you could operate quickly, ensure that you are able to do so (and not just once or twice; every time). Bridge lending is an industry where high volumes of proposals are received and loans need to be completed efficiently. To ensure that you can execute efficiently you need to have a solid, scalable IT system as well as high quality, trustworthy staff. If you’re a new lender, it’s important therefore to put in the investment into your systems and people upfront - the industry moves too rapidly for you to play catch-up. Ultimately, efficient execution requires focus, dedication, good systems and quality people. If you have all of this in place you should be in a position to back up your words with action. As our friends at Brightstar Financial said to us recently, “it’s nice to see a lender who can walk the walk, not just talk the talk”. Efficient execution builds the bonds of trust and the foundations for repeat business. So, the above, in a nutshell, outlines the four key areas that we believe a new bridge lender needs to get right to survive in this competitive market. The final (unwritten) rule is to try to have a bit of fun - there are plenty of characters in the industry and a lot of interesting stories. Has anyone heard about the lender who tried to repossess a house, only to find that the borrower lived with his pet horse? That’s a story for another time! Mike Strange Director, Funding 365 Limited michael.strange@funding-365.com Read the full article at: https://www.funding-365.com/news

  • Bridging Loans for Resi Investment Houses | Flats | HMOs | Funding 365

    INTEREST RATES LOAN SIZES LOAN TERMS LOCATIONS 3 to 24 months Across England and Wales £200,000 to £5,000,000 2 From 0.74% up to 65% LTV From 0.79% up to 70% LTV From 0.84% up to 75% LTV 1 (1.5% broker commission) (2% broker commission) From 0.79% up to 65% LTV From 0.84% up to 70% LTV From 0.89% up to 75% LTV (2% broker commission) LOAN USES FEES & CHARGES Buying or refinancing residential investment property Development exit and marketing Short term cash flow requirements Arrangement fee: 2% Broker commission: From 1.5% (taken from the arrangement fee) Exit fee: None Early Repayment Charge: None (interest rebated on a daily basis for loans repaid after the 3rd month) Legal fees: At market rate, provided upon application 5 Valuation fee: At market rate, provided upon application 4 Property refurbishment permitted 3 Permitted securities: Unregulated residential properties, HMOs, buy to lets, student accommodation, holiday lets with no title restriction Land with or without planning Properties with adverse environmental conditions Farms or agricultural properties First charge unregulated loans across England & Wales Residential short lease properties considered Adverse credit history considered Semi commercial properties considered This does not constitute an offer of financing. Heads of Terms and Loan Agreements will be provided by Funding 365 Limited on a case-by-case basis. Funding 365 Limited reserves the right to amend, suspend or terminate this product at any time and without notice. YOUR PROPERTY MAY BE AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Owner occupied properties PRODUCT CHARACTERISTICS PROHIBITED USES 1. Reduction in interest rates are available for larger loans on a case by case basis. Pricing indicated for retained interest only. | 2. Smaller and larger loans considered upon application. | 3. Light property refurbishment where the works do not exceed 40% of the day one market value and works are funded by the borrower. | 4. Valuation fee is required up front. | 5. Legal fees will be deducted from the loan amount. Your lawyer will be required to provide our lawyer with an undertaking to pay all legal fees in full. Upon redemption of the loan a fee of £500 will be applied for the removal of the legal charge from the property. Adverse credit history considered LOAN SIZES £100,000 to £10,000,000 3 LOAN TERMS LOCATIONS 3 to 24 months Across England and Wales From 0.74% pm up to 65% LTV From 0.79% pm up to 70% LTV From 0.84% pm up to 75% LTV £200,000 to £5 million loan size Up to 24 months loan term Example uses: Property purchase (including at auction) Development exit Refurbishment Portfolio consolidation Permitted securities: Unregulated residential properties HMOs Buy to lets Student accommodation Holiday lets with no title restrictions Across England and Wales INTEREST RATE From 0.59% up to 60% LTV From 0.69% up to 75% LTV Interest can be paid monthly (in full or in part) or retained upfront LOAN SIZES £100,000 to £10,000,000 Larger loans considered upon application LOCATIONS Across England and Wales LOAN TERMS 3 to 24 months KEY INFORMATION Swipe across for key product information RESIDENTIAL BRIDGE From 0.84% up to 65% LTV From 0.89% up to 75% LTV 1 INTEREST RATES £100,000 to £10,000,000 2 LOAN SIZES LOAN TERMS 3 to 24 months LOCATIONS Across England and Wales RESIDENTIAL BRIDGE DOWNLOAD PDF PRODUCT SHEET

  • Funding 365 Saves auction purchase in 5 days

    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 rescues deal with innovative Thirdfort software

    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/

  • Semi-Commercial Conversion in Berkshire | Light Development | Funding 365

    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 launches 75 percent LTV stepped rate bridging from 0.59pcm

    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.”

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