Tuscan Capital, the bridging lender bought by Allica Bank in the summer, has boosted its product range and criteria.
The short-term property lender says the sale allows it to leverage Allica’s backing to expand its offering. This includes:
Improved commercial pricing to LTV to 70% of vacant possession, from 65% LTV of 90-day vacant possession valuation
Wider commercial appetite with loans up to £10m, from £3m
Increased refurbishment capacity to 75% LTV with loans up to £2m, from £1m to a maximum of 70% LTV
Fast-track for residential bridging loans, including remote valuation and title insurance
Challenger bank Allica bought Tuscan Capital from UK investment house Quilam Capital for an undisclosed sum in August.
Tuscan Capital chief executive Colin Sanders says: “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.”
