Castle Trust has launched a bridging loan for first charge buy-to-let cases up to £1m and refurbishments that don’t require planning permission.
Available for a flat rate of 0.67% per month, the product has a choice of a nine or 12-month term, with an ERC period of three months.
Marcus Dussard (pictured), director of sales for mortgages at Castle Trust, said: “At Castle Trust, we’ve developed a reputation for providing brokers with creative solutions for complex cases but, as the demand for short-term finance has grown, we’ve recognised that an increasing number of brokers are looking for more straightforward bridging loans for their clients, particularly on refurbishment projects, which are becoming more popular.
“So, we have developed a new product and service proposition that gives them just that – a quick, uncomplicated loan with simple pricing, supported by expert underwriters who understand the market.
“Our new bridging loan combines the insight and experience we have developed over the years with a new, more accessible format. It’s a combination we think will prove very popular for brokers and their clients.”
Castle Trust said brokers will benefit from a streamlined application process, with online submissions and quick illustrations.