Tuscan Capital adds refurbishment loan to range

Short-term property finance lender Tuscan Capital has launched a refurbishment loan.

This comes shortly after Tuscan Capital secured an additional funding line for lending. 

The refurbishment loan is available to developers and allows funding of up to 100 per cent of the project’s build cost and 70 per cent of the purchase price. Pricing starts from 0.48 per cent plus bank base rate per month. 

It will be available for light- and medium-scale residential projects with a maximum loan size of £1.5m. Tuscan Capital will lend up on terms of up to 18 months against projects in England and Wales. 

The lender said it would manage the underwriting and drawdown process in-house at its headquarters in London, which is expected to deliver a more efficient and simple process. 

Colin Sanders (pictured), CEO of Tuscan Capital, said: “We have worked hard to secure a funding line that allows Tuscan to manage the entire process on the refurbishment facility ourselves. 

“Delivering the highest possible standard of service has always been central to our culture at Tuscan, and the fact we can assess, underwrite and handle the drawdown process in-house will deliver greater confidence to developers and brokers alike.” 

Jaxon Stevens, sales director of Tuscan Capital, added: “The new-look refurbishment offering sits alongside our residential Fast Track bridging loans, our development exit loans, and funding for properties available at below market value.

“As a result, Tuscan Capital has all of the bases covered when it comes to short-term residential finance, and we would urge advisers looking for this type of finance for their clients to talk to us about how we can provide the right solution.”