Castle Trust Bank has announced it is launching a new bridging proposition.
The new launch means the lender’s offering now includes separate ranges for bridging and buy-to-let.
Castle Trust’s bridging range, which is supported by dedicated sales, underwriting and processing teams, will feature 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. This offering is available up to 75% LTV on a nine or 12-month term, with rolled-up interest and rates starting at 0.65%.
The lender also revealed that its 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, as well as 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%.
For the heavy refurbishment product, Castle Trust confirmed that this can be used where planning permission is necessary, although not on ground-up developments.
Director of proposition and strategy at Castle Trust Bank, Anna Lewis, said: “There is growing demand from investors for straightforward bridging finance that can help them to achieve their desired returns and 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.
“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.”
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