TUSCAN CAPITAL EXPANDS SHORT-TERM PRODUCT RANGE
03.10.18
Bridging specialist Tuscan Capital has expanded its suite of short-term property funding solutions with the addition of new lending channels.
Complementing the lender’s existing Bridge and Auction Funding offerings, Tuscan Capital is now able to give its brokers access to a range of borrowing choices targeted specifically at the Mixed-Use/Semi-Commercial real estate sector.
Tailored to fit growing borrower demand for non-purely residential borrowing options, key product features include the following:
Acceptable security types:
• Retail outlets with accommodation (min. 40% residential use).
• Student accommodation.
• Licensed HMOs.
• Buy-to-Let portfolios.
• Restaurants with accommodation (min. 40% residential use).
• Permitted Development schemes.
Lending criteria:
• Minimum loan - £150,000.
• Maximum loan - £3,000,000.
• First charge.
• Maximum LTV - 70%.
• Lending region - England & Wales.
• Freehold or Leasehold with a min. term of 35 years remaining.
The lender also announced the launch of a new Heavy Refurbishment product designed to provide funding support for experienced developers looking to enhance asset valuations and see their projects through to practical completion.
Tuscan Capital confirmed that it will treat each application received through this channel on a pragmatic and flexible deal-by-deal basis consistent with its advertised ‘Outside-the-Box’ approach to risk.
The lender added that brokers can access all four product streams - Bridge, Auction, Mixed-Use, Refurbishment - via its website or by calling its Client Services broker hub.
Colin Sanders, CEO and co-founder of Tuscan Capital, said: “Buoyed by our first eight months of trading, and encouraged by conversations with our erudite supporting brokers, we decided this was the right time to expand our product offering.
“Sitting alongside our Bridge and Auction Funding solutions, we’re now able to offer brokers and their clients access to competitive and fully-supported funding for mixed-use borrowing and heavy refurbishment schemes.
“Collectively, the team at Tuscan Capital has deep experience of these sectors, and with guaranteed direct access to senior mandated decision-makers, brokers can be assured of speedy decisions and outcomes unhampered by cumbersome credit committee hierarchies.”