Castle Trust has launched a new unregulated bridging loan product that can be used for first charge buy-to-let cases of up to £1m.
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.
The loan can be used for refurbishments which do not require planning consent, including those that include building regulations.
Marcus Dussard, director of sales for mortgages at Castle Trust, commented: “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.”
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