Mike Strange

Funding 365 reports record-breaking month

Bridging lender Funding 365 has revealed that October was its biggest month to date, with loan enquiries totalling £203m — up 160% year on year.

During the month, the lender’s underwriters processed 312 unregulated bridging, light development, and three-year loan applications, a surge of 120% compared to October 2019.

In the latest issue of Bridging & Commercial Magazine, Mike divulged that Funding 365 doesn’t have a panel of brokers, and instead believes that it’s only fair to offer all of their products to all intermediaries.

Last month, they responded to enquiries from 43 new brokers.

The loans in October were taken out for a variety of reasons, such as for residential investment property acquisitions, semi-commercial and commercial property purchases, auction completions, landlord portfolio consolidations, business cashflow requirements, refurbishments, conversions, and development exits.

“This is really positive news, indicating that the property market is recovering well after the first lockdown,” said Mike Strange, managing director at Funding 365 (pictured above).

As the second lockdown comes into force today in England, Funding 365 has confirmed that it will be lending as usual.

“Following Robert Jenrick’s confirmation on Monday that the housing market would be allowed to continue operating (provided that it follows the Covid safety guidance), I’m optimistic that any disruption to the industry this time will be minimal,” Mike added.

Last month, Funding 365 launched a stepped-rate 75% LTV residential bridging product which features a 0.59% pm rate for the initial six months and no exit fees.

In September, the lender cut rates on its light development product, which aims to help property developers to take quick advantage of the latest PDR, planning and stamp duty changes.

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