Tuscan Capital revamps bridging loan range
Bridging lender Tuscan Capital has announced a range of changes to its broker-facing offering to include interest rate reductions, improvements to lending terms and the launch of two new product types.
The lender said the following improvements will apply with immediate effect across its short-term lending categories:
- Starting interest rates reduced from 0.75% per month to 0.69% per month for most loan types.
- Maximum loan amount increased from £7.5m to £10m.
- Maximum loan term increased from 18 months to 24 months.
All other terms and conditions remain as previously published.
Tuscan Capital also confirmed it is adding two new product channels to complement its current range of lending options comprising Bridge Solutions, Refurbishment Solutions, HMO Funding and Auction Funding:
- Developer Exit Bridge – offering funding up to 75% LTV for projects which are close to or have reached Practical Completion stage.
- Change of Use Bridge – funding available up to 75% of purchase price and 100% of build costs for the conversion of commercial property to residential use where planning permission has been granted.
Colin Sanders, Tuscan Capital’s CEO, said:
“We continue to fine tune our proposition to support the requirements of our broker partners.
These enhanced terms and product refinements mean that Tuscan Capital can provide more options and flexibility so keeping us at our most competitive whilst remaining committed to offering an intermediary-friendly service.”