Tuscan Capital has broadened its product range with the launch of a redesigned refurbishment finance facility. The update follows the acquisition of an additional funding line and is part of a push to enhance the company’s finance offerings for property development.
Developers now have access to finance covering up to 100% of build costs and 70% of the purchase price, starting at rates as low as 0.48% per month above the Bank Base Rate.
This facility supports both light and medium-scale residential projects, offering a maximum of £1.5m with terms extendable to 18 months for projects across England and Wales.
Tuscan Capital has centralised the underwriting and drawdown process at its headquarters in Grosvenor Gardens, London, aiming to offer developers a more efficient experience.
Colin Sanders, chief executive officer, comments on the service upgrade: “We have worked hard to secure a funding line which 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, speaks to the breadth of Tuscan Capital’s services: “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.”
