Funding 365 has introduced rolled-up interest rates for its light refurbishment and heavy refurbishment products.
Its revamped light refurbishment product funds 100% of the cost of works in tranches, with build costs up to 40% of day-one open market value (OMV), and lending up to 75% loan-to-gross-development value (LTGDV).
Fixed interest rates start at 0.69% per month up to 65% loan-to-value (LTV) net day one and 0.79% per month up to 75% LTV net day one.
The heavy refurbishment product funds up to 100% of the cost of works, with build costs up to 100% of OMV, and lending up to 75% LTGDV.
Fixed interest rates start at 0.79% per month up to 65% LTV net day one and 0.89% per month up to 75% LTV net day one.
Loan sizes are between £100,000 and £5,000,000 for light refurbishment, and between £100,000 and £3,000,000 for heavy refurbishment, with larger loans available on a case-by-case basis.
The lender says that these unregulated, first-charge loans can be secured against a wide range of properties in England and Wales, across residential investment, semi-commercial (where the commercial element is up to 35% of property value) and commercial (when being converted to residential).
BROKER FEEDBACK
Laura Kendall (pictured), marketing director at Funding 365, says: “These product improvements are a direct response to feedback from our partners.
“We’re delighted to be able to add the benefits of higher net LTVs to the highly competitive rates and five-star service that Funding 365 has become synonymous with.
“Expect more product enhancements in the near future, made possible by our recent acquisition and new £300m funding line.
“As always, we encourage all brokers to go straight to our dedicated underwriters, who aim to deliver bespoke, credit-backed terms within one hour of enquiry.”
