Funding 365 has made at cut in the starting interest rate for its commercial bridging loan product from 0.99% to 0.85% per month.
The product – which is available to all brokers – is available for three to 12-month loans secured against commercial and semi-commercial properties across England and Wales.
The product’s loan size range is £100,000 to £5 million+ and the maximum LTV is 65%, although access to higher LTVs may be granted with the provision of additional security, the lender said.
Permitted uses for the product include acquisition of commercial investment property, refinancing of maturing commercial debt, working capital for the business and light property refurbishment.
Mike Strange, Funding 365 managing director, said: “We are very pleased to introduce this new rate reduction to ensure that Funding 365’s products remain at the cutting edge of the bridging market.
“With residential investment products from 0.65%pcm and our new commercial rates from 0.85%, we’re very much becoming the first choice bridging lender for many of our broker partners.”