Bridging
Castle Trust Bank ups title insurance limit
Castle Trust Bank has increased the maximum loan size on which it can use title insurance from £2m to £3m.
Title insurance is a type of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property.
The lender will be able to use title insurance to quicken transactions for its bridging and light refurbishment bridging products on loans up to £3m.
Anna Lewis (pictured), commercial director at Castle Trust Bank, said: “Having a comprehensive title insurance policy in place enables a lender to focus on underwriting the fundamental elements of a bridging case and this supports a more efficient and effective application process.
“It also makes possible some transactions that would otherwise be impossible, where there are complicated legal issues surrounding the security.”
She added: “This gives a lender greater certainty and it means that we can, in turn, provide greater certainty to brokers and their clients. Increasing the maximum loan size available to use title insurance to £3m is a firm signal that at Castle Trust Bank, we are ready and willing to provide fast access to bridging finance on high value and often complex cases.”
