Interest rates now start at 6.74% per annum, with a minimum pay rate of 4.5%.
The lender has also extended the maximum bridging term, which can be included in the bridge-to-three-year product, from eight months to 12, with the starting interest rate reduced from 7.49% per annum to 7.25%.
The three-year product offering launched in September 2019 after Funding 365 noticed that brokers and borrowers did not have enough choice in the mid-term property finance market.
The new range contributed to the lender completing deals with 61% more brokers last year when compared with 2018.
“We’ve had a fantastic reaction from brokers to our new three-year products, but we’re always looking at how we can improve our offerings,” commented Mike Strange, managing director at Funding 365 (pictured above).
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“We’ve managed to sharpen the pricing and simplify the products while, at the same time, [increasing] the flexibility in terms of payment options.”
Funding can be secured against commercial, semi-commercial and residential (including HMO) properties in England and Wales.
They are also tailored in terms of pay rate vs retained rate to suit the yield of the borrowers’ properties.
Product guides can be compared on Funding 365’s website and brokers are encouraged to speak directly to decision-making underwriters for more information.
In November 2019, the bridging lender also announced it had integrated client onboarding software — provided by Thirdfort — into its underwriting processes, enabling it to speed up the completion of borrower KYC and AML checks, as well as enhancing its fraud detection and prevention capability.