Funding 365 has cut rates on its light development product.

Interest now starts at 0.64% per month up to 65% LTV and 0.69% per month up to 75% LTV, with further reductions for larger loans on a case-by-case basis.

The flexible product allows for up to 100% cost of works funded in arrears and can include additional drawdown options for potential future planning permissions. It carries no admin fees, exit fees or ERCs.

Funding 365’s light development loans range from £200,000 to £3 million for up to 24 months. They can be secured against most types of properties in England and Wales, across residential (including HMO), semi-commercial and commercial (when being converted to residential).

These loans can be used for a variety of purposes including heavy refurbishments, conversions, PDR schemes and finish and exits.

Mike Strange (pictured), Funding 365’s managing director, says: “As the restrictions of the pandemic are easing we’ve been able to negotiate reductions in our cost of funding. We think it’s only fair to pass this on to our borrowers.

“With no admin or exit fees to bump up our prices, plus credit-backed terms within one hour, there really are no catches to sending bridging and light development enquiries to our underwriters.”