Funding 365 has reported that October was its biggest month to date, with loan enquiries totalling £203 million, up 160% year-on-year.
Its underwriters processed 312 unregulated bridging, light development and three year loan applications, up 120% YOY.
Stated uses for these loans included residential investment property acquisitions, semi-commercial and commercial property purchases, auction completions, landlord portfolio consolidations, business cash flow requirements, refurbishments, conversions and development exits.
Funding 365 doesn’t have a panel of brokers; in October, it responded to enquiries from 43 new brokers.
As the second lockdown comes into force today in England, Funding 365 has confirmed that they will be lending as usual. Brokers and borrowers are encouraged to call their underwriters directly on their usual direct lines or the main company phone number.
The bridging lender recently launched a Stepped Rate 75% LTV residential Bridging product which features a 0.59%pm rate for the initial six months and no exit fees. Prior to that it launched a light development product.
Mike Strange (pictured), managing director at Funding 365, said: “This is really positive news, indicating that the property market is recovering well after the first lockdown. Following Robert Jenrick’s confirmation on Monday that the housing market would be allowed to continue operating (provided that it follows the Covid safety guidance), I’m optimistic that any disruption to the industry this time will be minimal.”