It relaunched its standard bridge proposition and improved lending criteria
Castle Trust Bank has introduced a number of enhancements to its bridging range, including the ability for fees and interest to be added to the loan above the maximum net LTVs.
The specialist bank has relaunched its standard bridge proposition, which can be used for auction purchases, development exits, purchases, and refinance.
The minimum loan size on standard bridge and light refurb bridges has been lowered from £200,000 to £100,000, and the minimum term on these products has been shortened from nine months to six months, with the maximum term remaining at 12 months.
The minimum term on heavy refurb bridge products has been reduced from 12 months to nine months, with the maximum term remaining at 18 months.
The bank has also improved the criteria on its light refurb and heavy refurb bridge products to include net LTV calculations, which means that fees and interest can be added to the loan above the maximum LTVs.
Castle Trust Bank is now also providing customers with the option to choose the term that best suits their needs, up to the maximum term of each product. Full details of the bank’s bridging products can be accessed on its intermediary website.
“Our specialist bridging proposition was launched earlier this year and is already proving really popular,” Anna Lewis (pictured), commercial director at Castle Trust Bank, said. “But we don’t rest on our laurels, we’ve listened to feedback from brokers, and we have responded with the introduction of a number of great new enhancements.
“By switching to net LTV calculations on our light refurb and heavy refurb products, we’re enabling brokers to help their clients to borrow more as fees and interest can be added to the loan above the maximum LTVs. In addition, we’ve relaunched our standard bridge proposition, providing flexible finance to bridge this current period of volatility enabling borrowers to wait for interest rates to settle before committing to a term loan.
“Other improvements to the range will make the proposition more accessible, and we continue to provide some of the features that have been so welcomed by brokers. These include criteria such as planning not be required on day one and works falling under permitted development rights being classed as light refurb.”