Mike Strange

Funding 365 cuts commercial bridging rates



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Funding 365 has dropped the starting interest rate of its commercial bridging product from 0.85% pcm to 0.75% pcm.

The product offers three- to 12-month loans of between £100,000 and £5m, secured against both commercial and semi-commercial properties across England and Wales.

The maximum LTV at 0.75% is 60%, however, larger LTVs will be considered if additional security is provided.

Mike Strange, managing director of Funding 365 (pictured above), said: “We believe that borrowers shouldn’t pay over the odds for bridging, so we continuously assess our products to keep them competitive.

“I’m delighted that we’ve been able to slash our commercial rate in particular as this strengthens our growing reputation as the go-to commercial bridging lender.”

Uses for the commercial bridging product include refinancing of maturing commercial debt, working capital for a business and investment property acquisitions.

Eligible properties include retail premises, offices, light industrial units and factories.

The move follows the launch of its short-lease residential bridging product in November.

Laura Kendall, marketing director at Funding 365, added: “With our promise to provide fair bridging finance comes a commitment to offer the most competitive rates that we can – to everyone.

“Like all of our advertised products, this newly enhanced commercial product is available to all brokers and contains no hidden fees or surprises in the small print.”

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