New offering provides funding of up to 100% of the build costs and 70% of the acquisition price
Specialist short-term lender Tuscan Capital has unveiled its revamped refurbishment finance facility, expanding its property finance product range.
The launch follows the acquisition of an additional funding line by the firm, enabling it to offer more finance options to developers.
The latest offering allows developers to access funding covering up to 100% of the build costs and 70% of the acquisition price. The rates for this facility begin at 0.48% monthly, in addition to the bank base rate.
Tuscan Capital has made the finance option available for both light and medium residential refurbishment projects, with a cap at £1.5 million and terms extendable to 18 months. The facility is limited to projects located in England and Wales.
Tuscan Capital will oversee the underwriting and drawdown processes from its London headquarters at Grosvenor Gardens. The firm emphasised that managing these processes internally will streamline operations, making it more straightforward and efficient for developers.
“We have worked hard to secure a funding line which allows Tuscan to manage the entire process on the refurbishment facility ourselves,” said Colin Sanders (pictured), chief executive of Tuscan Capital. “Delivering the highest possible standard of service has always been central to our culture at Tuscan, and the fact we can assess, underwrite and handle the drawdown process in-house will deliver greater confidence to developers and brokers alike.”
Jaxon Stevens, sales director at Tuscan Capital, highlighted the strategic placement of the new refurbishment finance facility within the company’s portfolio, which includes residential Fast Track bridging loans, development exit loans, and funding for below-market value properties.
“Tuscan Capital has all of the bases covered when it comes to short-term residential finance, and we would urge advisers looking for this type of finance for their clients to talk to us about how we can provide the right solution,” Stevens said.
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