Castle Trust Bank completes £4.6m refurb bridge

Published on

Castle Trust Bank has completed a £4.6m light refurb bridge to fund the renovation of a large Multi-Unit Freehold Block (MUFB).

The bank was approached by Nicholas Christofi from Sirius Property Finance, to structure a loan for his client, secured on Saint Marys College, a 57-unit MUFB in Newcastle with a purchase price of £6.3m.

The client was a limited company with two directors – a UK national and an Israeli national, both of whom were seasoned developers with five properties currently owned between them. They wanted a loan of £4.6m to purchase the property and carry out the works, with the intention of achieving a GDV of £9.3m.

There was an additional complication due to court proceedings regarding a utilities bill, but Castle Trust Bank was able to work together with Sirius and the client to quickly process the case once clearance had been obtained by the court, and deliver the funds required.

Anna Lewis, commercial director at Castle Trust Bank, said: “This was a large and complex bridging case, and I would like to thank Gary Maher and the team supporting him for their hard work and determination to get it over the line. Saint Marys College is a wonderful building in need of renovation. The clients had a vision to make this happen and, with the help of our light refurb bridge, they also had the funding.

“It’s an excellent example of how versatile our light refurb range can be, with loans available up to 80% LTV and fees and interest able to be added to the loan above the maximum net LTVs.”

Christofi added: “When our client first approached us there were no existing offerings in the lending market that suited their requirements. This is where, at Sirius, we come into our own as we knew exactly the correct people to approach to structure a bespoke solution that worked for all and remained active in co-ordinating all parties to a seamless completion.

“I’d like to thank the team at Castle Trust Bank for their tireless work on this complex case. Many lenders promote themselves as specialist, however Castle Trust Bank continue to prove they truly are, time after time, case after case.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Emily Carr to lead diaspora mortgage initiative at Afin Bank

Afin Bank has appointed Emily Carr as mortgage advisor to head up its new...

Rosemount Financial adds 10 new advisers as growth trajectory continues

Rosemount Financial Solutions (IFA) has expanded its adviser network once again, adding 10 new...

Hope Capital targets refurb market with high-LTV bridging product

Hope Capital has launched a new bridging loan product offering 75% net initial advance. It...

Savvy summer sellers deliver strongest July sales since 2020

July delivered the highest number of sales agreed for this month since 2020 as...

Newcastle for Intermediaries removes age cap on standard repayment mortgages

Newcastle for Intermediaries has abolished the maximum age limit for the repayment of standard...

Latest publication

Latest opinions

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...

Right of Light risks: a looming shadow over construction projects

Gone are the days when a Right of Light infringement could be swiftly dealt...

Could a move to ‘enhanced advice’ also mean mandatory protection conversations?

The FCA’s recent Mortgage Market Discussion Paper (DP25/2) has got the industry talking about...

Take off the rose-tinted glasses and stop chasing a rate cut

Every six weeks the financial world raises its eyebrows at the prospect of a...

Other news

Emily Carr to lead diaspora mortgage initiative at Afin Bank

Afin Bank has appointed Emily Carr as mortgage advisor to head up its new...

Rosemount Financial adds 10 new advisers as growth trajectory continues

Rosemount Financial Solutions (IFA) has expanded its adviser network once again, adding 10 new...

Tuning into later life lending conversations

There are certain conversations in our profession that can genuinely change the course of...