The £110,000 loan was completed in just four working days after the lender was approached by brokerage EquityOne Finance.
The borrower required the funds urgently in order to complete the purchase of the maisonette in Kent and to extend the lease.
“It always gives us great pleasure to work out solutions to unconventional enquiries,” said Mike Strange, managing director of Funding 365 (pictured above).
“We’re getting fantastic feedback on our short-lease bridging product since it does just that.
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“Brokers now know that they can count on us to apply what they’ve come to expect from us in general – great rates and great service at high speed – to an underserved niche.”
Funding 365 launched its short-lease bridging product towards the end of last year.
The product is designed to fill a gap in the market for properties with 10-70 years remaining on the lease.
Interest rates for the product start at 0.99% pcm and up to 70% LTV, 100% with additional security.
Dale Robinson, finance director at EquityOne, concluded by adding: “Funding 365’s handling of this case was impressive, and they did a tremendous job of getting this to complete not only within the timeframe quoted, but a day early.
“The client was very happy.”
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