13th of April:
Castle Trust Bank has relaunched a light and heavy refurbishment bridging product available to a net 80% LTV.
The product has a rate of 0.85%, terms available between 6-12 months for light refurbishment and 9-18 months for heavy refurbishment, rolled-up interest applies, plus no ERCs (minimum interest 3 months).
The product uses title insurance to speed up transactions. Pricing applies to loans between £200k - £5m, with loans over £5m subject to bespoke pricing, and are available for residential properties only with a 2.25% arrangement fee.
This is a day 1 release product and although in theory additional funds could be released at the conclusion of the project it is a product that works best for clients who have all the funds to cover the development themselves.
As a final quirk, the rate varies subject to whether the exit strategy is a sale or refinance with the former attracting a higher monthly rate.