Castle Trust Bank has revamped its bridging range, introducing a number of new changes such as the ability for fees and interest to be added to the loan above the maximum net LTVs.
The specialist bank has improved the criteria on its Light Refurb and Heavy Refurb bridge products to include Net LTV calculations, meaning that fees and interest can be added to the loan above the maximum LTVs.
Castle Trust Bank has also relaunched its standard bridge proposition, which can be used for auction purchases, development exits, purchases and refinance.
Minimum loan size on Standard bridge and Light Refurb bridge has been reduced from £200k to £100k and the minimum term on these products has been reduced from nine months to six months, with the maximum term remaining at 12 months. The minimum term on Heavy Refurb bridge products has been reduced from 12 months to nine months, with the maximum term remaining at 18 months.
Castle Trust Bank is now also providing customers with the option to choose the term that best suits their needs, up to the maximum term of each product.
Anna Lewis (pictured), commercial director at Castle Trust Bank, 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.”
