Castle Trust has launched a flat rate bridging loan with streamlined requirements and online submission for brokers.
The product is available for a flat rate of 0.67 per cent per month and can be used for first charge buy-to-let cases worth up to £1m.
It has a choice of a nine or 12-month term, with an early repayment charge (ERC) period of three months.
The loan can be used for all types of refurbishment that do not require planning permission, including refurbishments that include building regulations.
The lender said the deal would be attractive for brokers who want “a combination of transparent pricing, fast-track service and flexible underwriting.”
Increasing demand for refurb
Castle Trust is making online submissions available with quick illustrations from a dedicated team who are “focused on progressing cases through to completion as fast as possible”.
Director of sales for mortgages Marcus Dussard (pictured) noted that the demand for short-term finance has grown.
“An increasing number of brokers are looking for more straightforward bridging loans for their clients, particularly on refurbishment projects, which are becoming more popular,” he said.
“So, we have developed a new product and service proposition that gives them just that.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.