Specialist lender Funding 365 expanded into ground up property development finance with a customisable product to deliver loans from £250,000 to £1,500,000 for residential projects across England and Wales.
Fixed interest rates start from 0.84% per month (around 10% per annum) with 1% exit fee, while the product delivers up to 75% LTV, 65% LTGDV, 85% LTC.
Mike Strange, director at Funding 365, said: “Service is paramount in development finance, so we are looking forward to bringing our speed and personal approach to the ground up market.
“Having conducted a trial of this product in order to refine it, we are confident that it will help to deliver success for developers across England and Wales.“
Designed to fund small ground up and part complete projects of up to 15 units for up to 18 months, first time developers and most residential schemes (including HMOs and holiday lets) will be considered.
As with all of its products, Funding 365 encourages brokers and borrowers to speak directly to its underwriters.
Paul Weitzkorn, director at Funding 365, added: “We are delighted to be able to launch our development product to the whole of the market.”
