Funding 365 has completed a £4.5 million development exit bridging loan, introduced by Arc & Co, to refinance two newly built houses in Surrey.
The 12-month facility was agreed at a fixed rate of 0.64% a month and is designed to give the developer more time to market and sell the homes, while also releasing additional funds for future projects.
The loan was written under Funding 365’s residential bridge product, which provides bespoke bridging finance of up to 75% LTV on residential and semi-commercial property in England and Wales. The lender said the product carries no admin fees, exit fees or early redemption charges.
Development exit finance is typically used once works have been completed, allowing developers to refinance out of development debt and reduce pressure on sales timelines.
Tom Berry, director at Arc & Co, says: “I’m very pleased to have refinanced our developer client so quickly through Funding 365.
“A development exit loan for high value units can be tricky, however we managed to complete at a great price with a quick turnaround.
“Jon, Allegra and the Funding 365 team were fantastic throughout.”
Jon Brooks (pictured), head of finance at Funding 365, adds: “We were delighted to be able to assist on this project.
“The client has completed the development of these properties to an exceptional standard, so we have every confidence in their capability moving forward.
“A special mention to Tom Berry at Arc & Co for introducing the opportunity and working closely with us to provide the best possible outcome.”
