Funding 365 has completed a bridging loan in just three days to complete the auction purchase of a flat in North West London.
The loan was introduced by specialist property finance broker Top 10 Finance and given the time constraints, Funding 365 waived the valuation on this occasion.
Paul Weitzkorn, Funding 365 director, said: ”Funding 365 is known for its speed and service, but in bridging finance no-one operates in a silo and we couldn’t work at the speed that we do without our exceptional partners; our lawyers, surveyors and brokers.
“On this deal it’s to our lawyers’ credit that the client’s lawyer commented, ‘absolutely brilliant… to do this in three days is just incredible’.”
Zara McDermott, Top 10 Finance, director, added: “I’ve worked with Funding 365 on dozens of bridging deals over the years and I always have complete confidence that they will work with me to deliver for my clients, even on deals with such tight turnaround times.”
Funding 365’s short lease bridging product has been designed to fill a gap in the market, for properties with 10-70 years remaining on the lease and in this case the property had 37 years left. Interest rates for this product start at 0.99%pcm, up to 70% LTV (100% with additional security).