Central Trust has completed a regulated bridging loan for broker KIS Finance as momentum behind its latest product launch gathers pace.
Since introducing its regulated bridging product in February Central Trust has seen strong interest from brokers, with several cases already completed and positive feedback around the product’s speed, simplicity and competitive positioning.
The product offers up to 75% loan-to-value (LTV) on first charges and up to 70% LTV on second charges.
Loans are available from £20,000 and can be secured against the borrower’s primary residence, with a minimum property value of £75,000.
With a maximum term of 12 months, the product is designed to support short-term borrowing needs, including home improvements and light internal refurbishments.
Central Trust says the completion for KIS Finance demonstrates how the proposition can deliver quick outcomes for brokers and borrowers requiring short-term regulated finance.
CASE STUDY
KIS Finance originally reached out to Central Trust with a case involving homeowners wanting to use short-term finance to complete improvements to their home, with the intention of increasing its value and selling it once the works are complete.
The bridging loan acted as a temporary solution until the property sale can be completed.
Phoebe Appleby (main picture, inset), senior bridging adviser at KIS Finance, says: “I have just completed our first bridging loan case with Central Trust and I can honestly say that the process was excellent start to finish.
“I submitted the case on a Friday afternoon and an underwriter came back to me after 5:30pm the same day with a full update.
“With no valuation and internal legals, the lender side of things was completed within three working days, leaving only the second charge consent to complete.
“This was one of the quickest second charge bridging loans I have ever completed.”
“This was one of the quickest second charge bridging loans I have ever completed and the lack of valuation and legal fees made the product very competitive for the client.
She adds: “There was definitely a bit of gap in the regulated bridging market for these smaller loan sizes, especially with competitive rates, which Central Trust have filled.
“It’s refreshing to see a new bridging lender with genuine USPs and delivering on exactly what they promised. Overall, a great outcome.”
Central Trust is part of the Norfolk Capital Group of Companies and members of the Finance and Leasing Association (FLA).
