Bridging lender Funding 365 has released a new short lease bridging product.
The loan is designed to finance the purchase of residential investment properties with short remaining lease terms of between 10 and 70 years.
It will also provide financing to allow the purchase of the lease extension once this has been agreed with the property freeholder.
Loans under this product are available up to 70 per cent LTV for terms from three to 12 months.
The interest rate on the product starts at 0.99 per cent per month.
The product has a 2 per cent arrangement fee, but no early redemption charges or exit fees.
Funding 365 director Mike Strange says: “We’re excited to be bringing this new product to the bridging market.”
Funding 365 Sales director Paul Weitzkorn says: “We look forward to working with our broker partners on delivering this product to their clients.”