Bridging lender Funding 365 has announced the extension of its maximum loan term from 12 to 18 months, in response to demand from their broker partners.
The increased loan term will apply to all of its bridging products with the exception of its short lease bridge, which will remain at 12 months.
The move comes one month after Funding 365’s decision to increase its maximum loan size to £10 million.
Laura Kendall, Funding 365’s marketing director, said: “At Funding 365 we’re always listening to our broker partners and striving to find new solutions to meet their clients’ needs. We identified longer loans as something that was being requested with increasing frequency.
“We pride ourselves on being extremely competitive, and with super low rates (from 0.65%pcm for residential and 0.75% pcm up to 70% LTV for commercial properties), plus now loans up to £10 million for 18 months, we envisage that 2018 will continue to be a very busy year.”
