Tuscan Capital cuts rates and launches new products
Bridging lender Tuscan Capital has made a range of changes to its broker-facing offering to include interest rate reductions, improvements to lending terms and the launch of two new product types.
Starting interest rates are reduced from 0.75% per month to 0.69% per month for most loan types whilst the maximum loan amount is increased from £7.5m to £10m.
The maximum loan term is also increased from 18 months to 24 months.
Tuscan Capital also confirmed it is adding two new product channels to complement its current range of lending options comprising Bridge Solutions, Refurbishment Solutions, HMO Funding and Auction Funding.
The first is a Developer Exit Bridge – offering funding up to 75% loan-to-value (LTV) for projects which are close to or have reached practical completion stage.
Whilst the second is a Change of Use Bridge – funding available up to 75% of purchase price and 100% of build costs for the conversion of commercial property to residential use where planning permission has been granted.
Colin Sanders (pictured), CEO of Tuscan Capital’s, said: “We continue to fine-tune our proposition to support the requirements of our broker partners.
“These enhanced terms and product refinements mean that Tuscan Capital can provide more options and flexibility so keeping us at our most competitive whilst remaining committed to offering an intermediary-friendly service.”