Jonathan Brooks

Funding 365 lends £1.1m for auction purchase

Funding 365 has delivered a £1.1m unregulated bridging loan at a rate of 0.59% per month to allow a borrower to complete their auction purchase of a house in north London.

The specialist lender — which worked alongside SPF Private Clients, who brokered the deal — provided a fully serviced, nine-month loan at 60% LTV.

“We only advertise interest rates that we’re happy to write, so it’s very satisfying to be able to provide yet another borrower with our 0.59% per month interest rate,” said Jonathan Brooks, senior underwriter at Funding 365 (pictured above).

“Thanks to Laura and Nancy at SPF Private Clients for introducing the deal and ensuring a smooth process.”

Laura Toke, broker at SPF Private Clients, added: “I approached Funding 365 for this auction purchase as the client needed a loan of £1.1m and [it was] able to offer a really competitive rate of 0.59% per month.

“[It] only had a few weeks before the contractual completion date and I was really impressed at how quick and professional the team was to get the deal over the line within the auction timeframes.”

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