Funding 365

Funding 365 saves auction purchase with £330,000 bridging loan

Funding 365 has completed a £330,000 residential bridging loan for a client’s auction purchase of a dilapidated semi-detached house in London.

The deal was introduced by John Charcol on behalf of the borrower, who had been let down by another lender after contractual completion and had days left on their notice period.

As the client required the funds quickly to avoid losing their deposit, Funding 365 swiftly instructed the surveyor and the inspection of the property was undertaken one day after receiving valuation fees.

Despite the refurbishment works needed for the property — which included the installation of a new kitchen and bathroom, as well as new flooring and windows — the lender was able to provide the loan at 70% LTV over a 12-month term, five days after the enquiry was received.  

This enabled the client to complete the property purchase and use £50,000 of their own funds to complete the refurbishment in preparation for refinance onto a BTL mortgage.

Katie Spitz, underwriter at Funding 365 (pictured above), said: “A case like this really benefits from our way of working. 

“When there’s no time to spare, you can’t afford to have a breakdown in communication — with just one team member at Funding 365 assigned to a case from start to finish, we eliminate this problem. 

“It gives us as underwriters total ownership, allowing Funding 365 to do what it does best: deliver perfectly tailored funding solutions with no delays.”

Andrew Nicholson, partner at John Charcol, added: “We approached Funding 365 in hope, rather than expectation, after being let down by several lenders. 

“We pointed out the time difficulties and it agreed to look at the case. 

“The service we received was second to none and without the perseverance of them both our client would have lost her 10% deposit. 

“I can’t speak highly enough of the service we received and would highly recommend people to use the company.”

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