Funding 365 has launched a new residential bridging product with a stepped interest rate to deliver 75% LTV loans to borrowers at 0.59% per month for the first six months.

From month seven onwards, the rate increases to 1.2% per month, up to a maximum of 18 months.

As with all of Funding 365’s bridging loans, there are no early repayment charges, admin fees or exit fees. The only fees charged are a 2% arrangement fee plus legal and valuation fees at market rate.

Eligible loans are £100,000 to £5 million in size and secured against residential investment properties in England and Wales.

Permitted uses for the product include buying or refinancing residential investment properties, carrying out light to heavy refurbishments, exiting development projects and managing short term cash flow.

Paul Weitzkorn (pictured), director at Funding 365, said: “Delivering the best possible solutions for borrowers is a passion for everyone here at Funding 365, so we’re really excited to be launching this market-leading product.

“The stepped rate means that borrowers can benefit from 75% LTV bridging at just 0.59% per month for six months. And as with all of our bridging loans, we refuse to add any admin or exit fees which can fly under the radar and really add up for borrowers. There are simply no hidden catches to this product.”