Funding 365 has completed two 75% LTV stepped rate bridging loans with a combined value of £4.75 million to refinance 20 newly developed flats in London and Surrey.
Both loans were provided at a rate of 0.55% per month for the first six months, stepping up to 1.12% for the remaining six months with no exit fees.
First Wealth Management approached Funding 365 on behalf of the experienced property developer. Having completed the conversion of two commercial properties into a range of one and two bed apartments, the client needed to refinance their debts on both projects. Seven of the properties had already been reserved by prospective buyers.
Katie Spitz, Funding 365’s underwriter moved quickly to develop part-serviced, part-retained loans. The Stepped Rate Bridge product provides solutions of up to £5 million secured against properties across England and Wales with no exit fees, admin fees or early redemption charges.
Spitz said: “Cases like this highlight the appeal of stepped rate bridging loans. We were able to provide a market-leading solution for a developer we have great confidence in. With no exit fees factored into the loan and no early redemption charges, the client really reaps the benefits of our stepped rate product. Special thanks to John Smith at Fieldfisher for his seamless work getting these loans over the line.”
Jay Bhogal, First Wealth Management director, added: “Funding 365 were exemplary to work with on these two loans, providing a truly bespoke solution that suited the client’s objectives very well. The client was very pleased with the solution provided and is already looking to refinance another similar project in Surrey with Funding 365.”
