Funding 365 has completed a 65% LTV light refurbishment loan at a rate of 0.64% per month secured against three flats within a Grade II listed semi-commercial building in Kent.
The 12-month facility was introduced by John Waddicker at Positive Commercial Finance and will enable the borrower to complete renovation works, including a roof replacement, while releasing cash flow for future projects.
The deal was structured under Funding 365’s Light Refurbishment product, which offers bespoke solutions of up to 85% LTV across England and Wales.
The product can fund up to 100% of works in arrears, up to 40% of the open market value (OMV).
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Calum Waite (main picture), head of underwriting at Funding 365, says: “We’ve developed a close working relationship with John over the past decade that allows us to navigate complex transactions seamlessly to provide the best outcomes for our clients.
“The versatility of our Light Refurbishment product came to the fore in this case, where we were able to deliver our 0.64%pm headline rate despite the security being a Grade IIlisted property and mid project.”
John Waddicker, director at Positive Commercial Finance, adds: “Even at the lowest interest rates, Funding 365 use ‘common-sense’ underwriting and deal with any issues pragmatically. Calum is super efficient and always on hand.
“A last minute potential issue could have pushed loan completion back a few days, but a decision was made quickly to ensure the loan completed as planned. Another satisfactory completion with Funding 365.”
