Funding 365 has provided a £1.6 million development exit loan at a rate of 0.64% per month, refinancing an existing facility secured against three newly converted barns in Surrey.

The 63% LTV loan, introduced by Aureum, runs for 12 months to give the borrower additional time to market and sell the properties. As with all of Funding 365’s bridging loans, borrowers can exit early after a minimum term of three months without incurring early repayment charges, with interest rebated on a daily basis.

The transaction was arranged under Funding 365’s Residential Bridge product, which can be used for a range of purposes including auction purchases and borrower-funded refurbishments.

Kieran Payne, consultant at Aureum Finance, said: “It’s a tough market for developers and this deal really highlights that. My client delivered a stunning project on budget and ahead of schedule yet, as we’re seeing with many developments, has experienced a challenging sales period.

“Working with lenders like Funding 365, who provide competitive products and a seamless service throughout, makes all the difference in relieving that pressure.

“Thank you to Allegra, Katie and the team for their efforts in getting this one over the line.”

Katie Spitz (pictured), deputy head of underwriting at Funding 365, added: “We’re well known for development exit bridging and our recent rate drop has triggered an even greater surge in enquiries for this purpose.

“It’s always rewarding to support developers through the final stages of their projects, when competitive pricing and flexibility are crucial.

“Kieran and Mo at Aureum were highly communicative and made the process a pleasure from start to finish, and due credit must also go to the legal team at Fieldfisher.”