Castle Trust Bank has lowered the entry point for its light refurbishment bridging range, introducing new products for loans between £150,000 and £200,000.
The products are available at 0.78% per month and extend the lender’s existing proposition to a broader range of property investors and refurbishment projects.
New options are available across both Castle Trust Bank’s standard Light Refurbishment product and its Light Refurbishment with Drawdowns range.
The changes give brokers greater flexibility to structure funding around the individual requirements and cash-flow profile of each project.
DRAWDOWN OPTION SUPPORTS WORKS
The drawdown facility enables funds for refurbishment works to be released as the project progresses, potentially reducing the amount of interest charged compared with advancing the entire facility at completion.
Light refurbishment finance can support investors seeking to improve a property’s condition, increase its capital value or rental potential and prepare it for refinancing onto a longer-term mortgage.
The lower £150,000 entry point broadens access to the range for smaller projects and properties located in lower-value areas.
BRIDGING RANGE EXPANDS
The launch follows a series of recent changes to Castle Trust Bank’s bridging proposition, including new products, lower pricing, a valuation fee incentive and service improvements.
Anna Lewis (main picture), commercial director at Castle Trust Bank, says: “Last week, we said there were more enhancements to come, and we’re pleased to be delivering on that promise straight away.
“By extending our Light Refurbishment proposition to customers looking to borrow between £150,000 and £200,000, we’re making our range accessible to a wider range of property investors and giving brokers more options when it comes to finding the right solution for their clients.
“Light refurbishment can be an effective way for investors to add value to a property, and the option of drawdowns can provide additional flexibility when funding works. These new products combine that flexibility with competitive pricing of 0.78% per month at a lower entry point.”
