Funding 365 has introduced a higher maximum gross LTV of 85% for its light refurbishment product to extend its offering to borrowers seeking higher leverage.
The enhanced product can fund up to 100% of the cost of works, in arrears, to a maximum of 80% net LTC. Build costs can be up to 40% of the open market value to a maximum of 75% gross LTGDV. LTVs for the first charge unregulated product are calculated using the lower of the open market value or the purchase price.
For qualifying projects at 85% gross LTV, the product delivers facilities between £100,000 and £1,000,000 for up to 18 months, with interest rates from 0.93% per month. Secured against residential properties in England and Wales, permitted uses include property refurbishments, one storey extensions and loft conversions.
For projects up to 75% gross LTV, the product delivers facilities up to £5,000,000 from 0.69% per month and semi-commercial properties can also be considered where the commercial element is less than 30% of the property value.
Funding 365 director, Paul Weitzkorn, commented: "We have seen strong demand for our highly competitive light refurbishment product since we launched it two years ago. However, as we all know, uses for bridging finance are constantly evolving and we have experienced a significant increase in enquiries for borrowers looking for higher leverage over the past year. We are delighted that our new higher LTV cap means that we will be able to help even more borrowers to realise their refurbishment projects. We encourage everyone to speak to one of our decision-making underwriters for more information, quick indications and credit-backed terms.”
