Castle Trust Bank Bridging Loans

 

Who are Castle Trust Bank and what do they do?

‘Castle Trust’ launched in 2012 to provide creative, specialist lending solutions to property investors, and investment products to savers.

With the backing of J.C. Flowers & Co. (one of the world’s largest private equity investment firms) as our principle shareholder, Castle Trust expanded its operations in 2017 with the purchase of Omni Capital Retail Finance, adding point of sale finance to our range of services.

In 2018 we were invited to apply for a banking license, and after successfully completing the work required for the conversion we became a fully authorised bank in June 2020.

Our conversion to a bank will help ensure we continue to meet the needs of property investors, savers and borrowers alike. We currently serve the needs of over 200,000 customers across our specialist finance, savings and retail finance arms.

Do Castle Trust Bank offer bridging loans? 

Yes – on residential property only. Up to 9 month term, up to 80% LTV Gross day one, rolled up interest, no mortgage payments up to month 9, can be set up under our Bridge to Let facility which provides a guaranteed term exit option at the end of the bridging loan.

What do Castle Trust Bank’s interest rates look like on bridging finance?

The Castle Trust bridging finance rate is currently 0.67% pcm.

What do I need to get a bridging loan with Castle Trust Bank?

• Hard credit checks that return a good profile
• We have no minimum income requirement – but the client must have an income
• Our net day one loan is 73.8% if doing purchase & refurb, so the borrower needs enough deposit to cover the remainder of the purchase price & works to the security
• A schedule of works that will be carried out by professional tradesmen

 

How do I apply and how easy is the process? 

Applications must be made via specialist mortgage broker, packager or mortgage club, or direct if the correct permission are held. Easy process:

• Quote
• Submission of full application
• Full, credit backed & initial underwriting response & DIP within 48 hours of submission
• Fees are paid to promote to FMA & valuation will be instructed (can opt to hold off on valuation if required)
• Underwriting requirements are received by the broker, in order to compete underwriting
• We’ll offer on receipt & sign off of those requirements & the completed valuation, or if valuation has been held off by you, or is not happening imminently, we can offer subject to valuation
• Legals, then completion

 

How long does the application process take and when do I get the money? 

Our SLA is 48 hours for everything, we can usually get to offer within 1-2 weeks if offered subject to valuation.

Does Castle Trust Bank do any specialist bridging options for things like property, business, etc? 

We’ll consider applications from experienced landlords, first-time landlords, Limited Companies, SPVs, offshore companies, ex-pats and foreign nationals.

What are the pros and/or cons of a bridging loan with Castle Trust Bank? 

Expertise, often willing to consider circumstances and solutions others wouldn’t, option to provide exit certainty by linking to a guaranteed Term exit at the time of the original application, via our Bridge to Let facility.

What is the Bridging Loan Directory?

We’re an impartial party that solely exists to help you find the best bridging loan lender for you. We’re here to guide all our users through every aspect of their bridging loan application journey.

Our content resources section is packed full of guides so you can learn more about everything from interest rates to refurbishment finance.