The semi-exclusive 80% net LTV product is only available through a select group of distributors
Packager and distributor Impact Specialist Finance has announced the launch of a new light and heavy refurbishment bridging product from Castle Trust Bank.
The semi-exclusive 80% net loan-to-value (LTV) refurb bridging product is only available through a select group of distributors, which includes Impact Specialist Finance.
The specialist distributor said the product is designed for clients looking to update or renovate a property with a 0.85% rate. Terms are available between six to 12 months for light refurbishment and nine to 18 months for heavy refurbishment.
The product also uses title insurance to speed up transactions. Pricing applies to loans between £200,000 and £5 million, with loans over £5 million subject to bespoke pricing, and are available for residential property only, with a 2.25% arrangement fee.
“With the proposed EPC changes on the horizon, along with increased pressures on yields, the demand from property investors to improve existing stock, plus refurb new acquisitions will remain high for the foreseeable future,” Dale Jannels (pictured), managing director at Impact Specialist Finance, commented.
“These new options from Castle Trust Bank are a welcome addition to the market, and we are delighted to be chosen as one of the distribution partners.”
Anna Lewis, commercial director at Castle Trust Bank, added that they, too, were delighted to work with Impact Specialist Finance as one of their distribution partners for these semi-exclusive products.
“Our 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,” Lewis said. “Our heavy refurbishment product can be used where planning permission is necessary, although not on ground-up developments.
“Both products are supported by dedicated sales, underwriting, and processing teams, and net LTV calculations means that fees and interest can be added to the loan above the maximum 80% LTV, helping investors to increase their leverage in an environment where leverage isn’t easy to achieve.”
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