Funding 365 has reduced the interest rates on its AVM bridge product to match its residential bridging rates.
Bridging loans up to 65% LTV are available from 0.64% per month and up to 75% LTV from 0.74% per month.
Designed for residential C3 properties in England and Wales, the first charge unregulated AVM product delivers loans up to £1 million for up to 18 months, based on automated valuation model (AVM) valuations.
The maximum permitted LTV for the AVM bridge is 55% for refinances, 65% for purchases and 75% for purchases where the property will undergo light refurbishment using borrower funds. Hometrack confidence level of five or higher is required.
Funding 365's head of underwriting, Calum Waite, commented: “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.”
