Tuscan Capital has introduced a new range of bridging products which restore maximum LTVs to their pre-lockdown levels.
The bridging provider said it had been encouraged to make the move following a surge in demand from introducers for competitively structured short-term funding products.
Tuscan Capital had previously reduced maximum LTVs both to reflect wider market adjustments and to ensure its operational continuity during the recent period of national shutdown.
Purchase Bridge is now available up to 75% LTV, while Refurbishment Bridge goes to 70% LTV.
Colin Sanders (pictured), Tuscan’s CEO, said: “Funding is readily available now and our team fully back in place and prepared for an increase in new business.
“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.
“During lockdown, we remained open for business whilst focusing primarily on servicing our existing clients and on those deals we had committed to fund before the shutdown occurred. But we also took time to monitor closely shifting market appetite.
“Having fully honoured our committed-to pipeline of cases – which included several purchase cases and a number of large, complex buy-to-let 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.”
