Funding 365 has introduced new rates for its Stepped Rate Bridge product.

Pricing starts at 0.39% per month for the first six months. From months seven to 12 the rate increases to 1.15% per month.

There is an exit fee of 1.15%.

These rates apply to loans up to 65% LTV. Up to 75% LTV is available, with interest starting at 0.49% per month for the first six months.

Funding 365’s first charge, unregulated product offers loans between £200,000 and £5 million, secured against residential properties across England and Wales. Permitted uses include property purchase, refinance, refurbishment and development exit.

As with all of Funding 365’s products, there are no admin fees or early redemption charges (subject to a three-month minimum term). These rates are based on a 1.5% broker commission.

Interest rates for Funding 365’s flat rate Residential Bridge start at 0.69% per month.

Mike Strange (pictured), Funding 365 director, said: “Our market-leading Stepped Rate Bridge product is a great option for those clients who would benefit from a lower initial interest rate and/or who believe that they will be able to exit their loan early.

“This makes it particularly suited to landlords who are looking to purchase investment property before finding tenants and exiting on to a buy-to-let mortgage, or developers who are looking to exit their development funding and are already in the process of selling their properties.”