Funding 365 has completed a 65% LTV light refurbishment loan at 0.64% per month, secured against three flats in a Grade II listed semi-commercial building in Kent.
Introduced by Positive Commercial Finance, the 12-month loan enables the borrower to complete their renovation, including replacing the roof, while freeing up cash flow for future projects.
The deal was structured under Funding 365’s Light Refurbishment product, which offers solutions of up to 85% LTV for properties across England and Wales, with up to 100% of works costs funded in arrears up to 40% of open market value.
“We’ve developed a close working relationship with John over the past decade that allows us to navigate complex transactions seamlessly to provide the best outcomes for our clients,” said Calum Waite, head of underwriting at Funding 365.
“The versatility of our Light Refurbishment product came to the fore in this case, where we were able to deliver our 0.64%pm headline rate despite the security being a Grade II listed property and mid-project.”
John Waddicker, director at Positive Commercial Finance, added, “Even at the lowest interest rates, Funding 365 uses ‘common-sense’ underwriting and deals with any issues pragmatically,” he said. “Calum is super efficient and always on hand. A last-minute potential issue could have pushed loan completion back a few days, but a decision was made quickly to ensure the loan was completed as planned. Another satisfactory completion with Funding 365.”
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