Castle Trust Bank updates bridging range

The standard bridge proposition can be used for auction purchases, development exits, purchases and refinance. Pricing for standard and light refurbishment starts from 0.89, or 0.92 per cent for heavy refurbishment.

The minimum loan size for the standard bridge and light refurbishment bridge has been halved to £100,000 and minimum term has been extended from six to nine months. The maximum term is 12 months.

The minimum term for heavy refurbishment bridge has been reduced from 12 months to nine months, with the maximum term staying at 18 months.

The lender will allow fees and interest to be added to the loan above the maximum net loan to value (LTV) in its light refurbishment and heavy refurbishment bridge.

Anna Lewis, commercial director at Castle Trust Bank, said that its specialist bridging proposition was launched earlier this year and is  “already proving really popular”.

She continued: “But we don’t rest on our laurels, we’ve listened to feedback from brokers, and we have responded with the introduction of a number of great new enhancements.”

Lewis said that switching to net LTV calculations for light refurbishment and heavy refurbishment products would allow brokers to “help their clients to borrow more as fees and interest can be added to the loan above the maximum LTVs”.

“In addition, we’ve relaunched our Standard Bridge proposition, which can be used for auction purchases, development exits, purchases and refinance, providing flexible finance to bridge this current period of volatility enabling borrowers to wait for interest rates to settle before committing to a term loan,” she added.

“Other improvements to the range will make the proposition more accessible, and we continue to provide some of the features that have been so welcomed by brokers. These include criteria such as planning not be required on day one and works falling under permitted development rights being classed as light refurbishment.”