Bridging lender Funding 365 has announced a new prime residential bridging loan product with a monthly interest rate of 0.65%.
The deal is aimed at property investors in England and Wales looking to purchase or raise funding against a residential investment property in a short timeframe.
The product has no exit fees or early repayment charges and is available up to £2 million at a 50% loan to value limit.Funding 365 will pay introducers procuration fees of between 1.5% – 1.75% on eligible loans.
“We are very pleased to announce the introduction of our prime product to the market,” said Funding 365 director, Mike Strange.
“This product will allow borrowers to access one of the lowest rates available in the bridging market without having to make any sacrifice in terms of speed of execution.
“Given that this prime product complements our commercial product which offers a market leading interest rate of 0.99%pcm, we believe that our broker partners can now view us as not only the fastest bridging provider in the UK, but also amongst the cheapest.”