Barry Searle

Castle Trust celebrates its biggest day for completions



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Castle Trust has delivered its biggest-ever day for completions, totalling £17.7m.

This included two large loans of £5.6m and £9.7m.

The lender — which recently announced it had received its banking licence — worked alongside Sirius Property Finance on the £9.7m development exit loan, for an office conversion in Sutton Coldfield with over 60 units.

“This was not only a large case, it was also a complex one, with a title that provided access to parking spaces only on a leasehold basis,” said Nicholas Christofi, managing director at Sirius Property Finance.

“However, the hands-on approach and good communication between Castle Trust and Sirius meant that we were able to overcome the issues and find a resolution, with a bespoke solution that suited both the client and the lender,” said Nicholas Christofi, managing director at SPF.

The £5.6m completion was a refinance of an existing loan from another lender on 21 residential apartments.

Castle Trust worked with Enness Private Clients and completed the loan within eight weeks, with serviced term finance at 75% LTV, charged at 5.77%.

Barry Searle, managing director of mortgages at Castle Trust, stated that to complete two such cases in one day and deliver the biggest day for completions was a “really excellent achievement”. 

“It’s an uncertain market at the moment, but I am confident that we will beat this record, probably more than one as we progress through the year.”

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