Castle Trust Bank launches dedicated bridging loan proposition
Castle Trust Bank has launched a bridging proposition, supported by dedicated sales, underwriting and processing teams.
The launch of its bridging proposition will simplify Castle Trust Bank’s lending, which now includes separate ranges for bridging and buy to let.
The bridging loan range, which is supported by dedicated sales, underwriting and processing teams, features specialist products for heavy refurbishment, light refurbishment and a bridging loan product that can be used for chain breaks, quick purchases, auction purchases and development exits.
Bridging loans are available up to 75% LTV on a 9 or 12 month term, with rolled-up interest and rates starting at 0.65%.
Castle Trust Bank’s light refurbishment product is available for works that fall under permitted development, works that require building regulation sign-off.
Residential to HMO conversions up to six tenants, replacement windows, decoration, light central heating and electrical work, internal reconfiguration, full rewiring, and installation of new bathrooms and kitchens.
It’s available up to 80% LTV on a 9- or 12-month term, with rolled-up interest and rates starting at 0.67%.
The Heavy Refurbishment product can be used where planning permission is necessary, although not on ground-up developments.
Anna Lewis, Director of Proposition & Strategy at Castle Trust Bank, said:
“There is growing demand from investors for straightforward bridging finance that can help them to achieve their desired returns and we have responded to this demand with the launch of our dedicated bridging proposition which makes it quicker and easier for brokers to match their clients with the right finance.
Our proposition is supported by specialist teams with a wealth of bridging expertise, who are on-hand to help brokers find an easy solution for even the most complex of cases.”