Funding 365 Completes £6.5m Development Exit Bridging Loan
Posted by Funding 365 on 9th November 2022 -
The 9 month loan, introduced by West Rock Capital, enables the developer borrower to exit their development funding and complete the sale of multiple units.
Funding 365 took security over 33 apartments across the two blocks, one of which was a ground up build and the other a conversion from an office building. The team delivered the loan in less than a month in order to hit the refinance deadline.
The loan is under Funding 365’s versatile Residential Bridge product, which offers bespoke solutions of up to £10 million on properties across England and Wales, with no admin fees, exit fees or early redemption fees.
Jon Brooks, Senior Credit Officer, Funding 365 said:
“We’re seeing an increase in refinance enquiries, for which it is essential to have a solid exit plan and sensible LTV.
Now, more than ever, transparency and certainty are crucial, which is why we deliver terms that are credit-backed, interest rates that are fixed at the point of completion and one underwriter managing each loan from start to finish.
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Funding 365
We are a bespoke bridging and development lender delivering transparent loans up to 75% LTV from 0.69%PM. We specialise in purchase, auction, refinance, refurb, conversion, finish & exit and smaller ground up (<£1.5m) across England and Wales.
