Funding 365 completes £8.5m bridging loan in 3 days

Funding 365 completes £8.5m bridging loan in 3 days




Bridging lender Funding 365 has saved a borrowers buy-to-let portfolio from being sold at auction after delivering an £8.5m loan in just three working days.

The borrower required a quick refinance to avoid a number of properties being sold as their high street lender had appointed an LPA receiver following a dispute.

Mike Strange, Managing Director of Funding 365, said: “We are very pleased that we were able to help the borrower retain ownership of their property portfolio and allow them the time to refinance with a term mortgage.

“This is just another example of the quick, tailored service that our broker partners have come to appreciate from us.”

Brokered by LINK Capital UK, the loan was supported by security over a portfolio of 16 commercial and residential properties.

Mike praised LINK Capital UK and Funding 365’s solicitors for helping to complete the case within such a tight deadline.

Theo Kemp, Managing Director of Link Capital UK, added: “As a professional finance intermediary we are always conscious of those lenders that say they can deliver, but can’t as ‘computer says no’ or credit committee declines the case at the ‘nth’ hour.

“Funding 365 is unprecedented in its professionalism, speed and integrity - delivering what the customer requires on time and at highly competitive terms - especially in this situation with the borrower being in receivership.

“Mike Strange and [Senior Underwriter] Eddie Boakye worked extremely hard with us and the customer to deliver a complex solution so quickly."

Funding 365 recently completed a £6.2m semi-commercial bridging loan within just one working day of agreeing terms with the borrower.

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