Mike Strange

Funding 365 cuts bridging rates

Funding 365 has reduced the starting interest rates for its residential bridging to 0.59% per month and commercial bridging to 0.69% per month.

These price level changes apply to loans up to 60% for residential and 75% LTV for commercial, with higher residential LTVs available at higher interest rates.

Standard charges are 2% arrangement fee as well as valuation and legal fees at market rate — with no ERCs or exit fees.

“Each of our loans is entirely bespoke, but we publish product guidelines in order to be as transparent as possible,” said Laura Kendall, marketing director at Funding 365.

“Recently, we found that we were writing terms with interest rates that were lower than our guides, so it was time for an overhaul of our rates to reflect our appetite.”

Mike Strange, managing director at Funding 365 (pictured above), added: “These reduced rates solidify our position within the leading pack of bridging lenders in terms of price.”

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