Funding 365 has launched two innovative three-year loan products, aimed at borrowers looking for bespoke property loans for a longer term than a bridge.
The new Flexible three-year and Bridge to three-year products offer tailoring of the level of pay rates vs retained rates in order to suit the yield of the borrower’s property.
Pay rates start at 3M LIBOR + 3.45% per annum, with retained interest between 1-3% per annum (depending on security type, LTV, loan size, borrower credit profile and desired pay rate).
Loans can be up to £3m in size and have a maximum LTV of 75%.
An eight-month bridge from 7.49% per annum included in the Bridge to three-year product provides borrowers with the opportunity to exit within that timeframe with no ERCs.
Accepted securities include a wide range of residential (including HMO), semi-commercial and commercial buildings across England and Wales. Unregulated deals only.
Borrowers with adverse credit will also be considered.
Mike Strange, Funding 365’s managing director, said: “Our research found that brokers and borrowers did not have enough choice in the mid-term property finance market, especially in scenarios where the loans would be secured against commercial and specialist properties.
“Our new three-year property loans will provide unrivalled solutions to borrowers who are seeking longer term and more tailored solutions than currently exist in the bridging market.”