Bridging lender Funding 365 cuts commercial product by 14bps

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Bridging lender Funding 365 has reduced the rate on its commercial loan product from 0.99 per cent to 0.85 per cent a month.

The product, open to all brokers, is available for three to 12 months for commercial and semi-commercial properties across England and Wales.

The minimum loan size is £100,000 and the lender will consider loans over £5m. The maximum LTV is 65 per cent, although higher LTVs will be considered if additional security is provided.

Managing director Mike Strange says: “We are very pleased to introduce this new rate reduction to ensure that Funding 365’s products remain at the cutting edge of the bridging market.  With residential investment products from 0.65 per cent pcm and our new commercial rates from 0.85 per cent, we’re very much becoming the first choice bridging lender for many of our broker partners.”