Funding 365

Funding 365 completes £3.2m finish and exit facility for Lincolnshire residential development

Funding 365 has provided a £3.2m finish and exit loan to an experienced property developer looking to complete 14 new-build houses in Lincolnshire.

The 75% LTV facility, agreed at 0.78% pm on a 12-month loan term with no admin or exit fees, frees up cashflow for the client to finish and market the scheme, as well as begin work on their next development.

Funding 365 worked closely with all parties — including Adelpha Capital — to complete the deal, delivering £2.2m on day one and the remaining sum in further advances.

Krisha Karunananthan, underwriter at Funding 365 (pictured above), said: "Borrowers requiring finish and exit funding for their part-complete projects generally need to access such funds quickly and at rates that don't threaten their profit margins. 

“Fulfilling this criteria can be difficult, which is why we encourage brokers to speak to us first. 

“Our principal-led funding model and industry-leading rates mean that we can move quickly to underwrite the best deals. 

“What's more, our unique set up, whereby our underwriters handle each case from initial enquiry to completion, makes us apt to spot effective routes forward.”

Lucas Velleley, director at Adelpha Capital, added: “When refinancing an ongoing development, it is crucial to partner with a lender that will deliver on its promises. 

“Funding 365 exceeded expectations by being commercially minded and working collaboratively through any issues to find a solution.”

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