Tuscan Capital enters commercial bridging

The lender has previously focused on residential, semi-commercial, houses in multiple occupation and mixed-use bridging.

The commercial product is available up to 65 per cent loan to value (LTV), and loans between £100,000 to £5m.

The term can range from three to 18 months and is available for purchase, refinance or capital raising. Retail units, office units, warehouses and industrial premises are also eligible.

Land with planning as supporting security and assets of non-standard constriction is available up to 55 per cent LTV.

Tuscan Capital has also brought out a term facility called ‘stabiliser’, which is a two to three-year term product for clients who have completed their refurbishment project but need to repay their bridge while their rental model is proved.

It is available to existing Tuscan Capital borrowers and gives assurance that borrowers can repay their bridge once building work is completed. It will also help them refinance with a high street buy-to-let lender.

Facility terms range from 24 to 36 months and are available up to 70 per cent gross development value. Interest will be fully-serviced monthly from the rental income and rates start from 0.575 per cent per month.

Tuscan Capital has also improved its appetite for larger loans, from £3m to £10m, where properties and or portfolio are being purchased.

It will also permit greater criteria flexibility on its existing range of light refurbishment, heavy refurbishment, mixed-use conversion and developer-exit products.

Colin Sanders (pictured), Tuscan Capital’s chief executive , said its wider lending proposition was possible through its access to multiple finding channels, which made it “distinct from the rest of the market”.

He said: “Our funding partners complement one another as they have different and differing risk appetites. This gives us the flexibility to consider business which would not typically tick the boxes of institutional funders, and allows us both to price competitively for risk while taking a realistic, commercial approach where the quality of the deal justifies it.

“Having enjoyed a stellar 2021 and building our loan book beyond all expectations, we head into 2022 with a significantly enhanced proposition and a strengthened operational team to support it.”