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Castle Trust is offering a range of property refurbishment and development finance products for equity rich and cash poor landlords.
The specialist buy-to-let lender provides first and second charge loans to allow landlords to release equity from their properties to carry out refurbishment or major development works. They can also roll up some or all of the monthly payments and remortgage on day one.
Castle Trust has a light refurbishment loan starting at 0.58% per month if you have a 40% deposit. It increases to 0.89% per month is you have a 25% deposit.
The term is 12 months and early repayment charges apply for the first three months. There is a 2.25% arrangement fee and the interest can be rolled up providing the loan-to-value does not exceed 75%.
Development finance rates also change depending on the amount of equity you have in your property or across your portfolio. They are available for loans between £2 million and £7.5 million, up to 70% loan to gross development value and up to 90% loan to cost.
Aaron Strutt, director at Trinity Specialist Finance, says: “If your property needs some light refurbishment and you are not in a position to demonstrate your income or make the repayments, Castle Trust can help.
“If you are looking to generate development finance to turn a property into an HMO, or from a commercial premises to residential homes, Castle Trust also has a range of products.”
This niche lender specialises in helping landlords release equity from a property portfolio and it can also lend to offshore trusts and untenanted properties.
Call Trinity Specialist Finance on 020 7016 6151 to secure refurbishment or development funding.