Castle Trust revamps development finance offer
Castle Trust has revamped its development finance offering with the recruitment of Simon Whitfield, pictured, to head up the proposition.
Whitfield, who joins Castle Trust after holding senior roles at Wellesley Group and The Co-operative Bank, will lead the lender’s renewed focus on growing its share of the development market, increasing its lending to experienced developers who want to maximise their returns through the efficient use of capital.
The new Development Finance proposition from Castle Trust is available to individuals, SPVs and limited companies that require up to 70% Gross Development Value (GDV) on day one. Loan sizes are available from £1m to £10m and terms are available between nine months and 30 months. Every case will be supported by a dedicated team for the full term of the loan, with Castle Trust on hand to provide expertise throughout the build.
Barry Searle, Managing Director of Mortgages at Castle Trust, says:
“There continue to be huge opportunities for developers to meet the increasing demand for housing through the provision of new schemes and conversions. We believe this market is set for long-term growth, which is why we have taken our foot off of the gas in recent months to restructure out team and deliver intermediaries with a proposition that we can commit to for the long term. As part of this commitment we want to build long-term partnerships with brokers and their clients to provide reliable and sustainable finance to experienced developers. I’m really pleased that Simon has joined the team to help us achieve this. He has great experience and I know that he can’t wait to get started.”
Simon Whitfield, Head of Development Finance at Castle Trust, says:
“It’s fair to say that it’s a difficult environment for developers at the moment as political and economic uncertainty are impacting on both the property market and the provision of affordable, reliable finance. But at Castle Trust we have a real appetite to lend now and build long term partnerships with our intermediaries.
“On every case we will ask three simple questions. Has the developer completed at least two similar schemes in the past? Does the developer have cash in the deal? And is buy-to-let a realistic exit for the development? If the answer to all three of these is yes, then pick up the phone to Castle Trust. We are able to offer keen pricing and we want to have a conversation about how we could help.”