Funding 365 completes £1.3m bridging loan

Funding 365 has delivered a £1.3m bridging loan for the purchase of eight two-bedroom flats in Winchester.

The deal was introduced by Tapton Capital on behalf of the client, who is looking to refurbish the properties following the acquisition.

Given the size of the loan and the scope for redevelopment, as well as the client’s breadth of experience and strong credit history, Funding 365 were able to complete the deal at 75% LTV and 0.67% pm on a 12-month term.

This will allow the borrower to use their own funds for the internal refurbishment work on all eight flats, and also provide the necessary time to strengthen the tenancies in preparation for exit.

Calum Waite, head of underwriting at Funding 365 (pictured above), said: “With our principal-led funding we’re able to make quick, credit-backed decisions on loans. 

“When we spot deals with real potential, we always try to support them with the best terms possible. 

“In this case, we were able to go a step further than our advertised rate, offering 0.67% per month with no catches. 

“It’s this kind of flexibility and determination to get a great deal done that makes Funding 365 unique. 

“Tapton Capital’s exceptional relationships with its clients made the whole process a pleasure.”

James Lennon, director at Tapton Capital, added: “It's refreshing to work with a lender that is able to step outside of their pricing matrix and 'sharpen the pencil' to win a deal over their competitors. 

“This gave the borrowers confidence, knowing that Funding 365 really wanted to work with them, as well as knowing they had the best combination of pricing and leverage that the market had to offer.”

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