Colin Sanders

Tuscan Capital brings back 75% LTVs

Tuscan Capital has launched a new range of bridging products that restores its maximum LTVs to pre-lockdown levels.

The specialist lender had previously reduced maximum LTVs both to reflect wider market adjustments and to ensure its operational continuity during the recent period of national shutdown.

Tuscan Capital will now offer the following maximum LTVs:

  • purchase bridge — up to 75% LTV
  • refurbishment bridge — up to 70% LTV.

It stated that other product criteria is listed in full on its website.

The lender said it had been encouraged to make the move following a surge in demand from introducers for competitively structured short-term funding products.

“Funding is readily available now and our team [is] fully back in place and prepared for an increase in new business,” said Colin Sanders, CEO at Tuscan (pictured above).

“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.”

Tuscan confirmed it had remained open for business during lockdown, albeit the focus was primarily on servicing its existing clients and on those deals it had committed to fund pre-Covid. 

“Having fully honoured our committed-to pipeline of cases — which included several purchase cases and a number of large, complex BTL portfolio deals — we listened to the voice of the customer and decided to stretch our LTV boundaries where investors are willing to fund a 25% deposit and the associated purchase costs.

“It also became clear to us there was pent-up demand for refurbishment funding, so we decided to raise our maximum LTV to 70% in this important market sector.”

Colin added that Tuscan Capital remains cautiously optimistic for the future of the UK property market, and is keen and able to provide funding support to viable projects.

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