With the launch, the bank's lending now includes separate ranges for bridging and BTL
Castle Trust Bank has launched a bridging proposition that features specialist products for heavy refurbishment, light refurbishment, and a bridge product that can be used for chain breaks, quick purchases, auction purchases and development exits.
Castle Trust Bank said the launch of the dedicated bridging proposition will simplify the bank’s lending, which now includes separate ranges for bridging and buy-to-let. The bridging range is supported by the sales, underwriting, and processing teams.
Bridge is available up to 75% LTV on a nine- or 12-month term, with rolled-up interest and rates starting at 0.65%.
The 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 is available up to 80% LTV on a nine- 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 (pictured), director of proposition and 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.
“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,” Lewis stated.
“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.”
