Brilliant Solutions

Castle Trust Update

Here is an update from Castle Trust and a reminder that you can view their latest products and their lending criteria. All the documents that you need can also be downloaded here.  For more information or support with queries, contact our team today.

Announcement

We’re now lending up to 80% gross LTV day one on Bridge to Let

Interest in our Bridge to Let option just keeps growing and growing – could it help your clients too? Don’t forget we underwrite the bridge and the term application at the outset, giving your client up to 9 months on an interest roll-up basis, with no payments if they wish, and a guaranteed exit to the term loan when they’re ready to switch.

That’s exactly what one of our clients, a UK Limited Company, did recently:

The Property

  • The property was a three-bed terraced house, valued at £300,000, to be converted to a six-bed HMO
  • The property required refurbishment, a refit, and a loft conversion – all under permitted development rules

 Our Bridge to Let solution

  • We provided an 80% gross day one bridging loan of £240,000 at 0.67% pm on an interest roll up basis
  • The client had 9 months of interest roll up available, without any payments, to allow for any over runs and to allow time for letting or sale

 Flexibility delivering results

  • The works were completed quickly and after 3 months, the client opted to switch without an ERC to TermTen, our 10 year Buy to Let loan, fixed at 5.29% for the first 5 years
  • The gross TermTen loan of £318,000 was 75% LTV against the uplifted value of £425,000. This enabled the client to replenish the cash they spent on the refurbishment, and facilitate their next purchase
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