Monday, April 18, 2016
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Castle Trust is the latest lender to extend its product range and start providing development finance.
The specialist buy-to-let provider has hired an experienced team to process applications of between £1 million and £5 million.
The lender aims to offer more generous loan sizes to property developers as it will lend up to 70% of the purchase price and 100% of the build costs - this includes 100% of the rolled up interest and arrangement fees. Overall it will provide funding for 70% of the gross development value.
Trinity Specialist Finance view: This is a change of direction for the lender as it typically allows landlords to release equity from their buy-to-let properties and roll up the monthly repayments. Other lenders offer development finance although it is good to have another option. It recently offered funding for a developer to build four flats on a site with planning permission.
To secure development finance through broker-only lender Castle Trust, call Trinity Specialist Finance on 020 7649 9885.
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