Tuscan Capital has launched a “new-look” refurbishment finance facility.
This follows the short-term lender securing an additional funding line.
Through the refurbishment facility, developers are able to secure funding up to 100% of build costs and 70% of the purchase price, with pricing starting at 0.48% per month over Bank Base Rate.
Refurbishment loans are available for both light and medium-scale residential projects, up to a maximum of £1.5 million. Terms of up to 18 months can be secured on refurbishment projects in England and Wales.
Both the underwriting and drawdown process for the refurbishment facility will be managed in-house by Tuscan.
Colin Sanders, CEO of Tuscan Capital, said: “We have worked hard to secure a funding line which allows Tuscan to manage the entire process on the refurbishment facility ourselves. Delivering the highest possible standard of service has always been central to our culture at Tuscan, and the fact we can assess, underwrite and handle the drawdown process in-house will deliver greater confidence to developers and brokers alike.”
Jaxon Stevens, sales director of Tuscan Capital, added: “The new-look refurbishment offering sits alongside our residential Fast Track bridging loans, our development exit loans, and funding for properties available at below market value. As a result, Tuscan Capital has all of the bases covered when it comes to short-term residential finance and we would urge advisers looking for this type of finance for their clients to talk to us about how we can provide the right solution.”