Funding 365 has completed a £4.5m development exit bridging loan at a fixed rate of 0.64% per month, refinancing two new-build houses in Surrey and giving the developer additional time to market and sell the properties.
Introduced by broker Arc & Co, the 12-month facility also includes additional funds to support the developer’s upcoming projects.
The loan sits under Funding 365’s Residential Bridge product, which offers lending up to 75% LTV against residential and semi-commercial properties across England and Wales, with no admin fees, exit fees, or early redemption charges.
“I’m very pleased to have refinanced our developer client so quickly through Funding 365,” said Tom Berry, director at Arc & Co. “A development exit loan for high-value units can be tricky; we managed to complete at a great price with a quick turnaround. Jon, Allegra and the Funding 365 team were fantastic throughout.”
Jon Brooks, head of finance at Funding 365 (pictured), said the quality of the completed scheme gave the lender confidence in the borrower. “We were delighted to be able to assist on this project.”
“The client has completed the development of these properties to an exceptional standard, so we have every confidence in their capability moving forward. A special mention to Tom Berry at Arc & Co for introducing the opportunity and working closely with us to provide the best possible outcome.”
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