Funding 365 has completed a £2.7 million development exit bridging loan at a fixed rate of 0.67% per month to refinance 12 new-build flats in Manchester city centre.
Introduced by LEXI Finance, the 12 month loan enables the borrower to exit their development facility and complete the sale of multiple units. Additional funds have also been built into the loan to facilitate a shareholder buyout.
The loan is under Funding 365’s versatile unregulated Residential Bridge product. With interest starting from just 0.64% per month, it offers bespoke solutions of up to £5m+ secured against residential and semi-commercial properties across England and Wales with no admin fees, exit fees or early redemption charges.
PROACTIVE APPROACH
Calum Waite (main picture), head of underwriting at Funding 365, says: “This is a great example of our development exit loans which span the length and breadth of England, Wales and Northern Ireland, from the Isle of Wight to the Causeway Coast and from Anglesey to East Anglia.
“We always enjoy working alongside LEXI Finance as their team’s understanding of their clients’ needs and their proactive approach ensure a smooth process, no matter how complex the requirements.”
Charlie Armstrong, Director at LEXI Finance, adds: “It was a real pleasure working with Calum and Allegra on this transaction.
“Their transparency through due diligence gave us and the client real confidence that we would successfully get to the finish line. We are very grateful for this collegiate approach and look forward to doing more business together very soon.”
