Funding 365 Delivers £6.5m Development Exit Bridge
16 Nov 2022
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. All of their transparent products can be viewed on their website, www.funding-365.com/products
Funding 365 Senior Credit Officer, Jon Brooks comments, “We’re seeing an increase in refinance enquiries, for which it is essential to have a solid exit plan and sensible LTV. Now, more than ever, transparency and certainty are crucial, which is why we deliver terms that are credit-backed, interest rates that are fixed at the point of completion and one underwriter managing each loan from start to finish. It’s always a pleasure to work with Westley and Theo, whose priorities align with our emphasis on communication and delivering the best results for the borrower.”
West Rock Capital Director, Westley Richards adds, “We have worked with the Funding 365 team for several years and I have always been impressed with their flexible and pragmatic approach to lending. The team were well-versed about our client’s requirements from the outset and maintained constant communication throughout, ensuring the refinance completed in an efficient and timely manner. It was a pleasure working with Jon and the team on this loan facility, and I look forward to working with them again in the near future.”