The specialist bank says it has improved the criteria on its light refurb and heavy refurb bridge products to include net LTV calculations, which means that fees and interest can be added to the loan above maximum LTVs.
It has also relaunched its standard bridge proposition, which can be used for auction purchases, development exits, purchases and refinance.
The minimum loan size on its standard bridge and light refurb bridge products has been cut to £100,000 from £200,000. Also, the minimum term on these products has been reduced to six months from nine months, with the maximum term remaining at 12 months.
Its minimum term on heavy refurb bridge products has been cut to nine months from 12 months, with the maximum term remaining at 18 months.
The lender says it now provides borrowers with the option to choose the term that best suits their needs, up to the maximum term of each product.
Castle Trust Bank commercial director Anna Lewis says: “By switching to net LTV calculations on our light refurb and heavy refurb products, we’re enabling brokers to help their clients to borrow more as fees and interest can be added to the loan above the maximum LTVs.
“In addition, we’ve relaunched our standard bridge proposition, which can be used for auction purchases, development exits, purchases and refinance, providing flexible finance to bridge this current period of volatility enabling borrowers to wait for interest rates to settle before committing to a term loan.”
