Tuscan Capital cuts short-term lending rates and launches two products

The lender has reduced starting interest rates on its short-term lending category from 0.75 per cent a month to 0.69 per cent for all loan types bar refurbishment and change of use product.

Rates for refurbishment stand at 0.79 per cent, whilst rates for change of use stand at 0.74 per cent.

The maximum loan amount has also gone up to £10m and its maximum loan term has been increased from 18 to 24 months.

The lender has introduced a developer exit bridge product, which offers funding up to 75 per cent loan to value (LTV) for projects that are close or have reached practical completion.

The other product is a change of use bridging product, which covers conversion of commercial property to residential use.

Funding is available up to 75 per cent of purchase price and 100 per cent of build costs.

Tuscan Capital’s chief executive Colin Sanders (pictured) said: “These enhanced terms and product refinements mean that Tuscan Capital can provide more options and flexibility so keeping us at our most competitive whilst remaining committed to offering an intermediary-friendly service.”