Tuscan Capital, the short-term property finance specialist powered by Allica Bank, has expanded its product and service proposition to support a wider range of businesses.
This marked the first in a wave of planned enhancements following its acquisition by challenger business bank Allica, earlier this year.
The acquisition has resulted in a number of changes to Tuscan’s product range and criteria.
It says this will allow it to deliver a more comprehensive range of support for brokers and their clients, even more quickly than before.
The changes will leverage Allica’s resources and commercial lending expertise to offer a highly competitive commercial bridging product, a particularly underserved segment of the market and an opportunity for real growth.
Highlights of the enhanced product offering include improved commercial pricing with loan-to-value (LTV) to 70% of vacant possession, wider commercial appetite with loans up to £10m, increased refurbishment capacity to 75% LTV with loans up to £2m, fast-track for residential bridging loans, including remote valuation and title insurance, development exit lending now available up to £10m and a flexible approach to funding requests.
Colin Sanders, CEO of Tuscan Capital, said: “Since the news of our acquisition by Allica Bank, we’ve been inundated with interest and support from brokers.
“They are excited to hear what we have planned and what this will mean for our products and appetite – both within our core markets, but also in terms of expansion.
“The enhancements we’ve announced today are significant, but only the start.
“I am really looking forward to sharing what else we have to come in the next few months and encourage brokers to reach out to their business development managers to find out more.”
Sanders added: “It’s been an energetic start to life working alongside the Allica team. I’m more confident than ever that, together, we can bring something fresh to the market.”
