"These enhanced terms and product refinements mean that Tuscan Capital can provide more options and flexibility"
Bridging lender Tuscan Capital has announced a range of changes to its broker-facing offering, including interest rate reductions, improvements to lending terms and the launch of two new product types.
Amongst the changes, starting interest rates have reduced from 0.75% per month to 0.69% per month for most loan types.
The maximum loan amount has increased from £7.5m to £10m and its maximum loan term has increased from 18 months to 24 months.
Tuscan Capital is also adding two new product channels to complement its current range of lending options comprising bridging, refurbishment solutions, HMO funding and auction funding.
A developer exit bridge will offer funding up to 75% LTV for projects which are close to or have reached practical completion stage, while a change of use bridge will offer up to 75% of purchase price and 100% of build costs for the conversion of commercial property to residential use where planning permission has been granted.
Colin Sanders, Tuscan Capital’s CEO, said: “We continue to fine tune our proposition to support the requirements of our broker partners.
“These enhanced terms and product refinements mean that Tuscan Capital can provide more options and flexibility so keeping us at our most competitive whilst remaining committed to offering an intermediary-friendly service.”