Tuscan Capital has restored its maximum LTV to pre-lockdown levels through a new range of bridging products.
The lender now offers a maximum LTV of 75 per cent on a purchase bridge and up to 70 per cent on a refurbishment bridge.
There has been a surge in demand from introducers for competitively structured short-term funding products, according to Tuscan.
Colin Sanders, chief executive, said: “Funding is readily available now and our team fully back in place and prepared for an increase in new business.
“Given the uncertainty of the past five months, I’m expecting an uplift in new applications through to the end of 2020 as developers and investors make firm decisions about their plans and strategies for 2021.
“During lockdown, we remained open for business whilst focusing primarily on servicing our existing clients and on those deals we had committed to fund before the shutdown occurred. But we also took time to monitor closely shifting market appetite.”
Catalyst raises LTVs and loan sizes
Catalyst Property Finance has enhanced lending criteria for bridging, development exit finance and refurbishment products.
The changes include higher maximum loan sizes, higher LTVs and more repayment options for borrowers.
Maximum loan sizes across increasing from £3m to £5m, while borrowers will have more choice of how to repay their loans, with options for serviced, blended or retained interest payment.
At the same time, LTVs are increasing within select scenarios. For example, refinance bridging loans with ‘cash out’ is now available up to 70 per cent LTV and, in certain circumstances, lending to 80 per cent LTV on below market value purchases.
Chris Fairfax, chief executive at Catalyst Property Finance said: “Remaining at the top of intermediary’s consideration sets for bridging finance is of the utmost importance for Catalyst.
“My team is continuously looking for ways to further improve our short-term finance proposition and this month we are delivering some more criteria improvements across the range.”
He added: “Catalysts’ aim is to ensure our broker partners and their borrowers never miss a good opportunity. With this in mind, we ‘trim our sails to the wind’, designing our short-term finance to meet the needs of our customers, delivering the finance they need as and when they need it.”