Funding 365 has cut rates on its automated valuation model (AVM) bridging loans to bring them in line with its core residential bridging range, as the lender looks to simplify its proposition.
The revised pricing offers loans up to 65% LTV from 0.64% a month and up to 75% LTV from 0.74% a month. The product is available on residential C3 properties in England and Wales and provides up to £1 million for terms of up to 18 months on a first charge, unregulated basis, with valuations carried out via AVM.
The lender has also clarified maximum LTVs under different scenarios. For refinances the ceiling remains 55%, rising to 65% for purchases and 75% for purchase cases involving light refurbishment funded by the borrower. A Hometrack confidence level of at least five is required.
Calum Waite (pictured), head of underwriting at Funding 365, said: “As our underwriters manage each loan from enquiry to redemption, we’re uniquely positioned to capture insights across the lending journey.
“This allows us to respond quickly to market needs by refining our products to deliver real value to our clients.
“We’re confident that, with these rates, we’ll see even more demand for our AVM Bridge.”
The lender said the updated pricing is intended to streamline its range at a time when brokers are seeking faster, more predictable routes to completion, particularly on lower-risk residential assets suited to AVM assessment.
