Mike Strange

Funding 365 receives larger CBILS allocation from British Business Bank

Funding 365 has announced that it has been approved for an increased CBILS allocation by the British Business Bank.

In December, the government announced that CBILS will be extended until 31st March 2021.

To be eligible for a facility under CBILS, an SME must be UK based in its business activity, with annual turnover of no more than £45m. 

It must also not be considered a ‘business in difficulty’ if applying to borrow £30,000 or more, and must have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender. 

Mike Strange, director at Funding 365 (pictured above) said: “The latest lockdown in the UK is undoubtedly deepening the negative impact of Covid-19 on a huge number of SMEs, so the extension of government measures, including CBILS, will be a lifeline for many. 

“Funding 365 is determined to do what it can to continue to support businesses through this pandemic and our increased CBILS allocation from the British Business Bank will enable us to further help those in need.”

To date, terms issued by Funding 365 under the scheme have ranged from development exit finance for new-build flats in Basingstoke and conversions in Harrogate, to refinance bridging loans for portfolio landlords in London.

Under the scheme, the lender will provide unregulated bridging loans up to 65% LTV for up to 24 months. 

These loans will be secured on a first-charge basis against residential properties in England and Wales. 

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