Funding 365 has moved into ‘ground up’ property development finance with a customisable product to deliver loans from £250,000 to £1,500,000 for residential projects across England and Wales.
With fixed interest rates from 0.84% per month (circa 10% per annum) with 1% exit fee, this product delivers up to 75% LTV, 65% LTGDV, 85% LTC.
Designed to fund small ground up and part complete projects of up to 15 units for up to 18 months, first time developers and most residential schemes (including HMOs and holiday lets) will be considered.
As with all of its products, Funding 365 encourages brokers and borrowers to speak directly to its mandated underwriters.
Mike Strange (pictured), director at Funding 365, said: “Service is paramount in development finance, so we are looking forward to bringing our speed and personal approach to the ground up market. Having conducted a trial of this product in order to refine it, we are confident that it will help to deliver success for developers across England and Wales.“
Paul Weitzkorn, director at Funding 365 added: “We are delighted to be able to launch our development product to the whole of the market. The fact that we were named Development Finance Lender of the Year by Crystal Specialist Finance during our product trial period earlier this year indicates that it will be very well received.”