Funding 365 has cut its light development rates to 0.64% per month up to 65% loan-to-value (LTV) and 0.69% per month up to 75% LTV, with further reductions for larger loans on a case-by-case basis.
The product allows for up to 100% cost of works funded in arrears and can include additional drawdown options for potential future planning permissions. It carries no admin fees, exit fees or ERCs.
Mike Strange (pictured), managing director of Funding 365, said: “As the restrictions of the pandemic are easing we’ve been able to negotiate reductions in our cost of funding.
“We think it’s only fair to pass this on to our borrowers.
“With no admin or exit fees to bump up our prices, plus credit-backed terms within one hour, there really are no catches to sending bridging and light development enquiries to our underwriters.”
Loans range from £200,000 to £3m for up to 24 months. They can be secured against most types of properties in England and Wales, across residential (including HMO), semi-commercial and commercial (when being converted to residential).
These loans can be used for a wide variety of purposes including heavy refurbishments, conversions, PDR schemes and finish and exits.