Bridging lender Tuscan Capital has launched into the mixed use, semi-commercial real estate sector, lending up to 70% loan-to-value.
Acceptable security types include student accommodation, retail outlets or restaurants accommodation with a minimum of 40% residential use, licensed HMOs, buy-to-let portfolios and permitted development schemes.
Tuscan will lend between £150,000 to £3m for a first charge in England and Wales with a maximum LTV of 70%. For freehold of leasehold there has to be a minimum term of 35 years remaining.
Colin Sanders, chief executive and co-founder of Tuscan Capital, said: “Buoyed by our first eight months of trading, and encouraged by conversations with our erudite supporting brokers, we decided this was the right time to expand our product offering.
“Sitting alongside our bridge and auction funding solutions, we’re now able to offer brokers and their clients access to competitive and fully-supported funding for mixed-use borrowing and heavy refurbishment schemes.
“Collectively, the team at Tuscan Capital has deep experience of these sectors, and with guaranteed direct access to senior mandated decision-makers, brokers can be assured of speedy decisions and outcomes unhampered by cumbersome credit committee hierarchies.”
The lender also launched a heavy refurbishment product designed to provide funding support for experienced developers looking to enhance asset valuations and see their projects through to practical completion.
Tuscan added that brokers can access all four product streams – bridge, auction, mixed-use, refurbishment – via its website or by calling its client services broker hub.