FundingKnight completes debut bridging loan

P2P lender FundingKnight has completed its first bridging loan after recently launching into the market.

FundingKnight unveiled that its property bridging loan went live on the platform in January after lending £340,000 to Dickson & Seagrave Holdings for an industrial unit in Lancashire, valued at £700,000.

The LTV was less than 50 per cent, and the loan term was for a period of over 18 months.

“Our diversification into property bridging loans, coupled with our earlier decision to double the lending ceiling to £500,000 has been welcomed by our Adviser community,” said Sam Cousins of FundingKnight.

“I’ve received a lot of positive feedback about the competitive rates available on the new property bridging loan product. The maximum monthly compound interest rate for a LTV between 61 per cent – 70 per cent and secured by a first charge is only one per cent, while a second charge attracts a maximum rate of 1.2 per cent. There is a minimum charge of three months interest, but after that there are no exit fees.

“It’s worth noting too that there’s the opportunity for the rate to be reduced further once the loan goes to auction.”

FundingKnight’s bridging product ranges from £100,000 to £500,000 for properties located in England and Wales and can be lent for any duration up to two years.