Tuscan increases max loan size after securing new funding

The bridging lender has enlarged this from £3m across all four of its product channels — bridging, mixed-use/semi-commercial, heavy refurb and auction funding.

In the latest issue of the Bridging & Commercial Magazine, Colin Sanders, CEO at Tuscan Capital (pictured above), exclusively revealed that the lender had secured a new funding line with a leading UK challenger bank worth £30m.

He also stated that it would be able to consider certain types of site acquisitions — such as land with planning — as a result of the funding.

Tuscan has now widened this to consider applications for commercial properties and buy-to-let portfolios.

Colin said: “After recently celebrating our first year in business — during which time we lent £60m across 72 deals — we’ve begun our second year on full throttle.

“Strengthened by new funding muscle, we’re now able to look at a wider range of applications from across the real estate spectrum and at much higher values.

“However, the entry point to our products remains at the very accessible level of just £150,000.”

The facility will be complementary to its existing debt arrangements and increases its total funding capacity to £100m.

“Securing new funding from an established institutional player is tangible proof that we’re building a sustainable and successful long-term business.

“While we’re keen to deploy the additional funds as quickly as possible, it will only be for the right type of deal.”