After securing a £30m funding line bridging lender Tuscan Capital has increased its maximum loan size from £3m to £7.5m across all its product channels of bridging, mixed-use, semi-commercial, heavy refurbishment and auction funding.
In addition, Tuscan Capital will now consider funding applications for commercial property, buy-to-let portfolios and for land with planning consent.
Colin Sanders (pictured), chief executive at Tuscan Capital, said: “After recently celebrating our first year in business – during which time we lent £60m across 72 deals – we’ve begun our second year on full throttle.
“Strengthened by new funding muscle, we’re now able to look at a wider range of applications from across the real estate spectrum and at much higher values. However, the entry point to our products remains at the very accessible level of just £150,000.
“Securing new funding from an established institutional player is tangible proof that we’re building a sustainable and successful long-term business. Whilst we’re keen to deploy the additional funds as quickly as possible, it will only be for the right type of deal. This is our way – first, foremost and always.”
These changes have been made possible, the lender said, following the successful conclusion of negotiations to close a secondary funding agreement with a leading UK challenger bank.
Worth £30m, the new funding line is complementary to Tuscan Capital’s existing debt arrangements and increases its total funding capacity to £100m.