Castle Trust revamps bridging range

The bank has changed the criteria on its light refurb and heavy refurb bridge products to include net LTV calculations, meaning fees and interest can be added to the loan above the maximum LTVs.

It has also relaunched its standard bridge proposition, which can be used for auction purchases, development exits, purchases, and refinancing.

The minimum loan size on the standard bridge and light bridge products has been reduced from £200,000 to £100,000, while the minimum term for these products has been reduced to six months.

The minimum term on heavy refurb bridge products has also been reduced from 12 to nine months, with the maximum term on these products remaining at 18 months.

Anna Lewis, commercial director at Castle Trust Bank (pictured above), said: “Our specialist bridging proposition was launched earlier this year and is already proving really popular, 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.

“By switching to net LTV calculations on our light refurb and heavy refurb products, we’re enabling 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.

“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 refurb.”