Bridging lender Funding 365 has launched a prime residential bridging loan with a monthly interest rate of 0.65%.
The deal is aimed at property investors throughout England and Wales looking to purchase or raise funding against a residential investment property in a short timeframe.
The product has no exit fees or early repayment charges and is available up to £2m at a 50% loan-to-value limit. Funding 365 will pay introducers procuration fees of between 1.5% – 1.75% on eligible loans.
Mike Strange, director at Funding 365, said: “This product will allow borrowers to access one of the lowest rates available in the bridging market without having to make any sacrifice in terms of speed of execution.
“Given that this product complements our commercial product which offers a market leading interest rate of 0.99%pcm, we believe that our broker partners can now view us as not only the fastest bridging provider in the UK, but also amongst the cheapest.”