"We identified longer loans as something that was being requested with increasing frequency. "
Bridging lender Funding 365 has extended its maximum loan term from 12 to 18 months in response to broker demand.
The increased loan term will apply to all bridging products with the exception of Funding 365's short lease bridge, which will remain at 12 months.
Last month, the lender increased its maximum loan size to £10 million.
Funding 365's marketing director, Laura Kendall, commented: “At Funding 365 we’re always listening to our broker partners and striving to find new solutions to meet their clients’ needs. We identified longer loans as something that was being requested with increasing frequency.
"We pride ourselves on being extremely competitive, and with super low rates (from 0.65%pcm for residential and 0.75%pcm up to 70% LTV for commercial properties), plus now loans up to £10 million for 18 months, we envisage that 2018 will continue to be a very busy year!”