Friday, September 15, 2023
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Castle Trust Bank has launched a heavy refurbishment bridging product, with a drawdown facility. The lender says the loan can be used to finance conversions, such as a house to flats or flats to house, commercial to residential projects, or work on houses in multiple occupation.
The product is available at up to 75% loan-to-value net, with a loan-to-gross development value of 70%. The maximum cost of works undertaken is £1m and the minimum drawdown is £50,000, with up to five drawdowns allowed across the duration of the project. It runs for an 18-month term, with loan sizes from £250,000 to £5m. The rate is 0.99% per month and there is a 2.25% arrangement fee, with 1% charged on each drawdown.
Call Trinity Specialist Finance to secure funding on 020 7016 6151 or book a consultation
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