Funding 365 Delivers £4.75m of Stepped Rate Bridging for Developer

30 Mar 2022

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.

Funding 365’s uniquely simple Stepped Rate Bridge product provides solutions of up to £5 million secured against properties across England and Wales with no costly exit fees, admin fees or early redemption charges. Stepped rate bridging loans can be great options for borrowers with strong assets who require short-term, highly competitive funding solutions.

All of Funding 365’s simple, transparent products can be viewed on their website www.funding-365.com/products

Funding 365 Underwriter, Katie Spitz writes, “Cases like this highlight the appeal of stepped rate bridging loans. We were able to provide a market-leading solution for a developer we have great confidence in. With no exit fees factored into the loan and no early redemption charges, the client really reaps the benefits of our stepped rate product. Special thanks to John Smith at Fieldfisher for his seamless work getting these loans over the line”.

First Wealth Management Director, Jay Bhogal adds, “Funding 365 were exemplary to work with on these two loans, providing a truly bespoke solution that suited the client’s objectives very well. The client was very pleased with the solution provided and is already looking to refinance another similar project in Surrey with Funding 365.”