Funding 365

Funding 365 closes two stepped rate bridging deals worth £4.75m

Funding 365 has completed two stepped rate bridging loans totalling £4.75m to refinance 20 newly developed flats in London and Surrey.

First Wealth Management approached Funding 365 on behalf of the client, an experienced property developer, who needed funds to refinance their debts after converting two commercial properties into 20 one- and two-bedroom apartments — seven of which were already reserved by prospective buyers.

Working together with all parties, the lender was able to structure two bespoke stepped rate bridging loans thanks to the experience of the developer, the quality of the conversions and the locations of the apartments.

Both 75% LTV loans were provided at a rate of 0.55% per month for the first six months, stepping up to 1.12% for the remaining six months, with no exit fees.

Katie Spitz, underwriter at Funding 365 (pictured above), said: “Cases like this highlight the appeal of stepped rate bridging loans. 

“We were able to provide a market-leading solution for a developer we have great confidence in. 

“With no exit fees factored into the loan and no ERCs, the client really reaps the benefits of our stepped rate product. 

“Special thanks to John Smith [director] at Fieldfisher for his seamless work getting these loans over the line.”

Jay Bhogal, director at First Wealth Management, added: “Funding 365 was exemplary to work with on these two loans, providing a truly bespoke solution that suited the client’s objectives very well. 

“The client was very pleased with the solution provided and is already looking to refinance another similar project in Surrey with Funding 365.”

Funding 365’s stepped rate bridging product offers loans of up to £5m secured against properties across England and Wales, with no exit fees or ERCs.

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