Bridging lender Funding 365 has reduced the starting interest rate for its commercial bridging loan product from 0.85% pcm to 0.75% pcm.
The product – which is available to all brokers – provides three to 12 month loans from £100,000 to £5 million+ secured against commercial and semi-commercial properties across England and Wales.
The maximum LTV at 0.75%pcm is 60% although higher LTVs will be considered if additional security is provided.
Uses for the product include acquisition of commercial or semi-commercial investment properties, refinancing of maturing commercial debt, working capital for a business and light property refurbishment.
Eligible commercial properties include (although are not restricted to) retail premises, offices, warehouses, light industrial units and factories.
Mike Strange, Funding 365’s managing director, said: “We believe that borrowers shouldn’t pay over the odds for bridging, so we continuously assess our products to keep them competitive.
“I’m delighted that we’ve been able to slash our commercial rate in particular as this strengthens our growing reputation as the go-to commercial bridging lender.”
Funding 365’s marketing director, Laura Kendall added: “With our promise to provide fair bridging finance comes a commitment to offer the most competitive rates that we can – to everyone.
“Like all of our advertised products, this newly enhanced commercial product is available to all brokers and contains no hidden fees or surprises in the small print.”