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Funding 365 collaborates with Black Book Finance on £2m deal

Funding 365 has worked with Black Book Finance to complete a £2m loan for a large portfolio refinance.

The borrower needed the funding to restructure debt across their seven properties in Bristol, including an HMO, as well as release cash to purchase another BTL property to add to their portfolio.

As the properties had strong rental yields, Funding 365 was able to offer the loan at 75% LTV, under its flexible three-year product.

Funding 365 and the lawyers agreed to sign the loan documents over a video call, and use Thirdfort technology to enable KYC and AML checks to be carried out within a phone app.

Michael Clapper, CEO at Black Book Finance, said: “These days, no case seems to be straightforward, which is why lender selection has become more crucial to us than ever. 

“The team at Funding 365 are all so attentive and commercially minded, that even the most complex of scenarios are confronted swiftly and head-on to try and find workable solutions for all parties. 

“Funding 365 has been one of the standout bridge lenders for us over the past 12 months, and this latest completion is a perfect example as to why.”

Harry Dick-Cleland, underwriter at Funding 365 (pictured above), commented: “For more complex, bespoke loans with multiple property transactions, it’s essential that lender and intermediary work smoothly together. 

“It was a pleasure to work with Michael, Sarah and David at Black Book Finance on this deal — their responsiveness and attention to detail was superb."

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