Castle Trust overhauls development finance offer

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  • 04/10/2019
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Castle Trust overhauls development finance offer
Castle Trust has revamped its development finance proposition with Simon Whitfield heading-up the operation.

 

Whitfield joined the lender in April and will lead Castle Trust’s renewed focus on growing its share of the development market and increasing lending.

His previous experience includes Wellesley Group, Co-operative Bank and UK Export Finance.

The new proposition is available to individuals, special purpose vehicles (SPVs) and limited companies at up to 70 per cent gross development value (GDV) on day one.

Loan sizes are available from £1m to £10m and terms are available between nine months and 30 months.

The lender said every case will be supported by a dedicated team for the full term of the loan, with expertise available throughout the build.

 

Three key questions

Simon Whitfield, head of development finance at Castle Trust (pictured) said that despite the political and economic uncertainty it had a real appetite to lend.

“On every case we will ask three simple questions,” he said.

“Has the developer completed at least two similar schemes in the past? Does the developer have cash in the deal? And is buy-to-let a realistic exit for the development?”

He added if the answer to all three of these was yes, then the lender was keen to help.

Managing director of mortgages Barry Searle added that he believed there were huge opportunities for developers to meet the increasing demand for housing through new schemes and conversions.

“We believe this market is set for long-term growth, which is why we have taken our foot off of the gas in recent months to restructure our team and deliver intermediaries with a proposition that we can commit to for the long term,” he said.

“As part of this commitment we want to build long-term partnerships with brokers and their clients to provide reliable and sustainable finance to experienced developers.

“I’m really pleased that Simon has joined the team to help us achieve this. He has great experience and I know that he can’t wait to get started.”

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